According to insider information, there is an anticipated reduction in petroleum product prices by Rs. 17 for the upcoming two-week period. There is a likelihood that diesel prices may decrease by 10.76 rupees, while petrol prices might see a reduction of 17 rupees. This anticipated decline in petroleum product prices can be attributed to the falling global market prices and a stronger dollar value.
The final decision regarding these price adjustments will be made by the caretaker prime minister on the night of September 30. It’s worth noting that earlier, on September 16, the interim government had raised petrol and diesel prices significantly in its bi-weekly review due to the worldwide surge in oil prices. This marked the second price hike for petroleum products in a single month, bringing them to an all-time high.
Back on September 1, the caretaker government had already increased petrol and diesel prices by more than 14 rupees per liter, with petrol witnessing a hike of 14.91 rupees per liter and HSD (High-Speed Diesel) experiencing an increase of 18.44 rupees per liter. The Finance Division had attributed these price increases to the “increasing trend of petroleum prices in the international market and exchange rate variations.”