In a recent move, the government has announced a significant reduction in the prices of petrol and high-speed diesel (HSD) for the upcoming fortnight. According to a notification from the finance ministry, petrol prices will see a decrease of Rs5.45 per litre, while HSD will witness a notable drop of Rs8.42 per litre.
This decision comes in response to fluctuations in the international market, where prices of petroleum products have been on a downward trajectory over the past two weeks. The new prices stand at Rs288.49 per litre for petrol and Rs281.96 per litre for HSD.
Just a fortnight ago, the government had raised the prices of petrol and HSD, adding Rs4.53 and Rs8.14 per litre, respectively, to the existing rates. However, with this recent adjustment, consumers can expect some relief at the pump.
It’s worth noting that the government has already reached the maximum permissible limit of Rs60 per litre for petroleum levy, as mandated by the law, on both petrol and HSD.
Insiders familiar with the matter had hinted earlier that such a price revision was on the cards, given the decrease in international prices and import premiums. Sources revealed that petrol and HSD prices experienced a decline of approximately $3 and $5 per barrel, respectively, in the global market over the last fortnight.
