Anticipated Drop in Petrol and Diesel Prices: A Relief for Consumers Amidst International Market Dynamics
The government is set to provide significant relief to consumers with a notable reduction in petrol and diesel prices from June 16. Following a series of reductions in petroleum product prices since May 1, this marks the fourth consecutive relief, attributed to a decline in international oil prices. The new prices are expected to see petrol decrease by Rs9.28 per litre to Rs259.08 from the existing Rs268.36 per litre, and high-speed diesel (HSD) by Rs4.02 per litre to Rs266.20 from Rs270.22 per litre. This development is a promising sign for consumers who have been grappling with high fuel costs. International Market Influences The recent decline in oil prices on the global market can be attributed to several geopolitical and economic factors. The conclusion of the Israel-Iran limited war has brought some stability to the region, reducing market uncertainty. Additionally, a decrease in attacks by Houthis on ships in the Red Sea has further contributed to the downward trend in oil price