Again – Petrol Prices May Decrease By Rs. 12/L

It’s not been a week since petrol prices went down, and we are here again with an exciting update. As per the media reports, the prices of petroleum products are anticipated to go down by a massive Rs. 12 per litre from June 15 for the next fortnight.

It is related to mention that it would be the fourth consecutive time that already inflation-stricken masses will observe this welcoming move, thanks to another nosedive in international oil prices.

The Reason
Reports have informed that a recent reduction of $4 and $5.14 per barrel in diesel and petrol prices, now clocking at $93.88 and $89 per barrel, respectively, may nudge the incumbent government to trickledown effect to the masses.

The episode of decreasing petrol price commenced since April 16 and has been dropped by Rs. 24 per litre and high-speed diesel (HSD) by Rs. 20 per litre.

The Sudden Change of Heart
Moreover, media sources have disclosed the whole story behind the sudden change in revised petrol price week back on June 1. Sources revealed that the government’s sudden change of stance on petrol prices late at night resulted from a significant disagreement between the prime minister and the finance minister. The finance minister urged the prime minister to reconsider the decision during discussions with the IMF.

The government has reached the maximum allowable petroleum levy of Rs60 per liter on both petrol and HSD, collecting Rs720 billion in the first nine months ending March 31.

The budget target was set to collect Rs869 billion as petroleum development levy (PDL) on petroleum products for the current fiscal year, in line with commitments made to the International Monetary Fund (IMF).

These fluctuations in prices and sales highlight the importance of keeping an eye on global and domestic trends in the petroleum market.

What do you think about the upcoming relief in petrol prices? Tell us in the comments section.