Good News for Inflation-Stricken Public: Fuel Prices Likely to Decrease Starting August 1.
Finally, there’s some good news for the public suffering from inflation. Starting August 1, there is a possibility of a decrease in petrol and diesel prices per liter. How much of a reduction can be expected in petrol and diesel prices from August 1?
According to government and industry sources, the government is likely to reduce the price of petrol by Rs 5.50 and diesel by Rs 11.06 per liter from August 1, 2024, for the next 15 days. Additionally, the price of kerosene oil is expected to decrease by Rs 5.84 per liter, and light diesel oil is likely to see a reduction of Rs 5.07 per liter. This relief in prices is attributed to Kuwait Petroleum Company’s decision to reduce the premium on diesel by $1.50 per barrel and the lower demand for petroleum products from the world’s largest economies, namely the United States and China.
Currently, the price of petrol is Rs 275.60, which is expected to decrease to Rs 270.10 per liter on August 1. Similarly, the current price of high-speed diesel is expected to drop from Rs 283.63 per liter to Rs 272.57. Likewise, the price of kerosene oil may decrease from Rs 183.71 per liter to Rs 177.87, and the price of light diesel oil may be set from Rs 166.25 per liter to Rs 161.18.
However, it has often been observed that if petrol prices decrease, they double shortly after, or there is an increase in electricity prices instead. This means that if the government reduces the price of one thing, it compensates by increasing the price of another. But now, there is hope that the government will maintain this trend of providing relief to the public.
