The government is likely to lower the price of petrol by Rs5.50 per litre and diesel by Rs11.06 per litre from August 1, 2024, for the next fortnight as per government and industrial sources.
The price of kerosene oil is also to go down by Rs5.84 per litre and Light Diesel Oil (LOD) by Rs5.07 per litre.
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Petrol prices are expected to go down from the current Rs275.60 per liter to Rs270.10 on August 1, 2024. In the 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.
However, sources said if the government makes up its mind to increase the petroleum levy by Rs5 per litre on petrol and diesel each, then the relief could be reduced to Rs0.50 per litre in petrol price and Rs6.06 per litre in diesel price.
For the last two fortnights starting from July 1 and ending July 31, the petrol price was jacked up by Rs17.44 per litre and diesel Rs15.74 per litre.
The internal freight margin on petrol stands at Rs7.79 per litre and HSD Rs4.51 per litre. However, the premium on petrol stands at $8.48 per barrel and on HSD at $5 per barrel.
