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After observing two consecutive crude shocks, the government is anticipated to bring a relief for inflation-stricken masses from August 1, 2024 to the next fortnight.

As per the reports, petrol price may decrease by Rs. 5.50 per litre whereas high speed diesel (HSD) by Rs, 11.06. Meanwhile, the price of kerosine oil and light diesel oil (LDO) is projected go down by Rs. 5.84 and 5.07 per litre, respectively.

New Petrol Price

If this happens, the new price of petrol will be Rs. 270.10 per liter, compared to the current price of Rs. 275.60 per liter. Meanwhile, the price of high-speed diesel (HSD) would reach Rs. 272.57 per liter, against the existing rate of Rs. 283.63 per liter.

Similarly, the new price of kerosine oil would be Rs. 177.87 per liter, in contrast to the current price of Rs. 183.71 per liter. In the meantime, the price of kerosine oil would be Rs. 161 per liter, as opposed to the existing price of Rs. 166.25 per liter.

International Oil Prices

Industry insiders reported a decline of roughly $2 and $3 per barrel, respectively, in the international prices of these primary products during the previous fourteen days.

Officials reported a decrease in the average international prices of petrol and HSD over the last fourteen days. Petrol prices declined by $2 per barrel, from $89.50 to $87.50, and HSD prices fell by approximately $2.93 per barrel, from $96.93 to $94.

What If Petroleum Levy Is Added?

Sources cautioned that a potential Rs. 5 per liter increase in the petroleum levy for both petrol and diesel could significantly diminish the anticipated relief. This could result in a reduction in the price of petrol to only Rs 0.50 per liter and a decrease in the price of diesel to Rs. 6.06 per liter.

Over the last two fourteen-day periods concluding on July 31, the price of petrol escalated by Rs. 17.44 per liter, while diesel experienced an increase of Rs. 15.74 per liter.

What do you think about the anticipated downtrend in petrol price. Tell us in the comments section.