The government is set to announce further relief in fuel prices, with petrol prices expected to decrease by an additional Rs4 per litre for the first half of June 2024. This reduction mirrors a drop in international petroleum prices.
This anticipated cut will mark the third consecutive reduction in fuel prices, bringing the total decrease to Rs24.85 per litre. Additionally, the price of high-speed diesel (HSD) is expected to decrease by approximately Rs3.5 per litre.
The new fuel prices will be disclosed at midnight on May 31, 2024, and will take effect for the first half of June. This follows a reduction in domestic diesel prices by Rs7.88 per litre to Rs274.08 in the previous fortnight, representing the second consecutive decrease.
As of May 23, 2024, international petroleum product prices have dropped by $1.68 compared to the previous fortnight, now standing at $96.19. Similarly, diesel prices in the global market have fallen by 83 cents to $98.40.
It's important to note that there are still six trading sessions remaining before the next pricing update. Therefore, the final prices will be subject to changes based on global market movements and exchange rate fluctuations.
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