The government is set to lower fuel prices once again, with petrol prices expected to decrease by another Rs4 per litre for the first half of June 2024, following a decline in international prices.
By May 23, 2024, international petroleum product prices had fallen by $1.68, bringing the price down to $96.19.
If confirmed, this would be the third consecutive reduction in fuel prices, adding up to a total decrease of Rs24.85 per litre.
Additionally, diesel prices on the international market have dropped by 83 cents to $98.40.
The government is also likely to cut the price of high-speed diesel (HSD) by about Rs3.5 per litre. Recently, domestic diesel prices were reduced for the second consecutive time by Rs7.88, making the current price Rs274.08 per litre.
With six sessions left before the next pricing update, the final prices will depend on global market trends and the exchange rate.
The new fuel prices will be announced at midnight on May 31, 2024, and will be effective for the first half of June.