Slight reduction proposed in petrol and diesel prices amid global oil dip

A marginal reduction in the prices of petrol and high-speed diesel is being proposed following a decline in international crude oil prices, sources within the petroleum division revealed Thursday.

According to sources, the price of Brent crude oil in the global market has dipped by nearly 2 percent over the past 15 days, falling from $64.78 to $63.50 per barrel.

However, the expected benefit for local consumers is likely to be offset by the rising dollar-rupee exchange rate, which has increased the overall import costs of petroleum products.

Despite this, a proposal has been submitted to the government to reduce the price of petrol by 61 paise per litre. If approved, the price of petrol would drop from the current Rs 252.63 to Rs 252.02 per litre.

Similarly, the price of high-speed diesel may be cut by 28 paise per litre, reducing it from Rs 254.64 to Rs 254.36 per litre.

On the other hand, an increase in the prices of kerosene and light-speed diesel is also under consideration. The proposal suggests a rise of 31 paise per litre in kerosene oil and Rs 1.30 in light-speed diesel.

If these changes are approved by the government, the new prices will take effect from June 1, 2025. Final announcements will be made following the Prime Minister's approval and recommendations from the Oil and Gas Regulatory Authority (OGRA).