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Great news for all the drivers out there! Starting May 16, the cost of filling up your tank is likely to become a bit lighter on your wallet. petrol prices are expected to decrease by Rs. 12 per liter. This decline follows a global trend where gasoline prices have fallen by 6.32 dollars per barrel, reaching around $99.93 per barrel.

A Welcoming Move

But that’s not all. Diesel prices are also expected to go down by Rs 9.70 per liter, reflecting the global decrease to $99.08 per barrel. This is certainly good news for everyone who relies on diesel vehicles for transportation.

The decrease in prices doesn’t come out of nowhere. In fact, it’s part of a larger trend. Reports show that the country has experienced an 11% annual decline in petroleum product sales during the first 10 months of the current financial year. This means that fewer people are buying petrol, diesel, and other related products compared to previous years.

In May, the government already took steps to reduce petrol and diesel prices. On May 1, the price of petrol was decreased by Rs. 5.45, bringing it down to Rs. 288.49 per liter from the previous Rs. 293.94. Similarly, diesel saw a decrease of Rs. 8.42, dropping to Rs. 290.38 per liter from Rs. 298.80.

Not only petrol and diesel, but prices for light-speed diesel (LSD) and kerosene oil have also been slashed. LSD prices have decreased by Rs. 5.63 per liter, while kerosene oil has seen a reduction of Rs. 8.74 per liter.

Petroleum Product Sales 

The numbers speak for themselves. Sales of petroleum products from July 2023 to April 2024 totaled 12,443,000 metric tons, marking an 11% decrease compared to the previous year. In April alone, the country recorded a 6% decrease in petroleum product sales compared to April last year and a 4% decrease compared to March.

These fluctuations in prices and sales highlight the importance of keeping an eye on global and domestic trends in the petroleum market. Understanding these trends helps us grasp how they impact the economy and our daily lives, particularly for those who rely on vehicles for transportation. So, get ready to save some money at the pump starting May 16!