In a welcome turn of events for consumers, the prices of major petroleum products, including petrol and high-speed diesel (HSD), are poised to experience a substantial dip of over Rs10 per litre most likely starting December 15. This decline is predominantly a result of a pronounced downturn in the international market.
Over the past fortnight, international prices for both HSD and petrol have collectively witnessed a significant decrease of nearly 5%. Notably, the cost of high-speed diesel has seen a substantial drop of approximately $4 per barrel, marking a decline from $99.50 to $95.50. Simultaneously, the price of petrol has followed suit, decreasing from $86.5 to $81.7 per barrel.
While the international market plays a pivotal role in shaping these trends, a marginal increase in the rupee rate against the US dollar has also contributed to this welcomed price reduction. The combined effect of these factors is expected to provide relief to consumers at fuel stations nationwide.
This impending decrease in fuel prices comes as a positive development for both individual consumers and businesses alike, offering a respite in the face of economic challenges. As the global market continues to exhibit fluctuations, consumers can anticipate a tangible impact on their wallets, translating into lower fuel expenses in the foreseeable future.
