On Monday, a Rs. 10/liter drop in petrol prices was predicted in the next fortnightly review.
Citing industry officials, a media report states that the ex-refinery fuel prices will drop by Rs. 10-12/liter in the upcoming review. However, the exchange rate adjustment will allow a mere Rs. 10/liter decline for the public.
An official stated that the diesel price will likely decline by Rs. 4-5/liter. He added that the government will probably announce the new prices of petrol and diesel in the next fortnightly review.
Previously, the price review reduced diesel from Rs. 288 to Rs. 258/liter, whereas petrol price went from Rs. 282 to Rs. 270/liter.
Officials added that the global oil prices recently saw a minor rise, while the interbank exchange rate did not fluctuate. Oil prices have been rising steadily, which pressurizes the government when it comes to lowering the end-consumer rate.
The officials highlighted that the recent global oil price drop allowed for some relief. Time will tell if the government can carry this trend forward.