The government has announced a reduction in the prices of major petroleum products for the upcoming week, offering some financial relief to consumers amid volatile global oil markets.
As per a notification from the Ministry of Energy, the price of petrol has been decreased by Rs1.97 per litre, setting the new rate at Rs297.53 per litre. Similarly, high-speed diesel prices have been cut by the same amount, with the revised price now Rs309.50 per litre.
These new rates are effective immediately and will remain valid for seven days. The price adjustment applies nationwide to both petrol and diesel. Notably, the notification did not mention any changes to kerosene oil or light diesel oil prices.
Consumers can expect to see the reduced prices at petrol stations starting today, as the government has instructed oil marketing companies to implement the changes promptly without delay.
In a significant development, this price cut reflects the government’s ongoing efforts to monitor international crude oil prices and currency exchange rate fluctuations. These periodic revisions are part of a fortnightly fuel price review mechanism designed to mitigate the impact of global market volatility on the domestic economy.
