Tag: International Market Trends

  • Petrol price reduced by Rs10.2, diesel by Rs2.33 per litre

    Petrol price reduced by Rs10.2, diesel by Rs2.33 per litre

    The government has announced a reduction in the prices of petrol and high-speed diesel (HSD) by Rs10.2 and Rs2.33 per litre, respectively, for the upcoming fortnight. 

    In a notification, the Ministry of Finance stated that the prices of petroleum products have exhibited a mixed trend in the international market over the past two weeks. The Oil and Gas Regulatory Authority (Ogra) calculated the new consumer prices based on these international market fluctuations.

    The revised prices set petrol at Rs258.16 per litre and HSD at Rs267.89 per litre. 

    The Prime Minister’s Office described the reduction as a gift from the premier in anticipation of the upcoming Eidul Azha. 

    Sources previously indicated that the government intended to pass the benefits of lower international prices on to consumers. 

    Over the past two weeks, the prices of petrol and HSD in the international market decreased by approximately $3.75 and $2.7 per barrel, respectively. This follows a significant drop of about $12 per barrel for petrol and $8 per barrel for HSD over the prior month.

    The international price of petrol has decreased to just over $90 per barrel from about $94 per barrel, while the price of HSD has fallen to $95 per barrel from $98 per barrel.

  • Petrol price slashed by Rs14 per litre, providing relief amidst inflation

    Petrol price slashed by Rs14 per litre, providing relief amidst inflation

    As announced in an official notification by the Finance Division, the revised prices for petroleum products, applicable from December 16 to December 31, have been endorsed by the Oil and Gas Regulatory Authority (OGRA).

    The recalibrated rates indicate a decline in petrol prices to Rs267.34 per litre, while the diesel rate has seen a reduction of Rs13.50 per litre, now standing at Rs276.21 per litre, according to the Finance Division’s official statement.

    Furthermore, the cost of kerosene oil has been curtailed by Rs10.14 per litre, settling at Rs191.02, and light diesel oil is now priced at Rs164.64 per litre following a reduction of Rs11.29.

    This adjustment comes in response to the notable decrease in global oil prices over the past two weeks, a factor contributing to the anticipation of a downward trend in fuel prices during the fortnightly review.

    It’s imperative to note that the government undertakes a bi-weekly reassessment of petroleum product prices, aligning them with international market dynamics and the exchange rate of the rupee. This latest revision reflects a proactive approach by the authorities to mitigate the economic impact on the general populace.