Big cut likely in POL prices from 16th

There is a possibility of massive relief in petroleum products from May 16.

For the next fortnight till May 31, the price of petrol may decrease by Rs13 and the price of diesel by Rs8 to 9.50 per litre.

Senior officials of the Ministry of Energy said that as per preliminary estimates, petrol prices are likely to fall by Rs13 per litre and diesel prices by Rs8 to 9.50 per litre from May 16, 2024, as global prices have fallen massively.

Stability has returned to the Middle East after the end of Iran-Israel missile attacks and the reduction of tensions in the Red Sea.

The current month will see the second relief in a row as from May 1, 2024, the authorities had reduced the price of motor spirit (MS) by Rs5.45 per litre from Rs293.94 per litre to Rs288.49 per litre. Similarly, the price of diesel also decreased by Rs8.42 per litre from Rs290.38 to Rs281.96 per litre from May 1.

The above relief plans have been worked out according to preliminary estimates taking into account the last 10 days of trade of POL products in the international market.

However, in the next two days, the estimate about the relief will be firmer, which will be implemented from May 16, 2024 after the approval of the prime minister. This will further help in reducing inflation in the country which is already falling.

Globally, the price of petrol has decreased by $6.32 per barrel to $99.93 and diesel price is now $4.97 per barrel, which shows a positive change in the market.