The government is expected to lower the price of diesel by Rs11.06 per litre and petrol by Rs5.50 per litre starting on August 1, 2024, for the upcoming two weeks, according to government and industry officials.
The anticipated decrease in prices for kerosene oil and light diesel oil (LOD) is 5.08 and 5.07 litres, respectively.
Petrol prices are expected to go down from the current Rs275.60 per liter to Rs270.10 on August 1, 2024. In a same vein, high speed diesel (HSD) is anticipated to see a price decrease to Rs272.57 per litre from its current rate of Rs283.63.
While light diesel oil (LDO) is expected to be sold for Rs161.18 per litre instead of the existing rate of Rs166.25 per litre, the price of kerosene may be fixed at Rs177.87 per litre from the current Rs183.71 per litre.
Reports said that the assistance might be lowered to Rs0.50 for gasoline and Rs6.06 for diesel if the government decides to raise the petroleum levy by Rs5 per litre for each of the two fuels.
Over the past two weeks, from July 1 to July 31, there has been a hike in petrol prices of Rs17.44 per litre and diesel prices of Rs15.74 per litre.
For petrol, the internal freight margin is Rs7.79 per litre and for HSD, it is Rs4.51 per litre. Nonetheless, the premium is now $8.48 per barrel for gasoline and $5 per barrel for HSD.
