Petrol and Diesel Prices Set for November Cut: Relief Anticipated for Consumers

Petrol and high-speed diesel (HSD) prices are anticipated to decrease by Rs2 to Rs3 per litre starting November 1, as a result of a minor dip in global prices.

According to informed sources, average international rates for petrol and HSD have dropped by approximately $1.5 and $2.5 per barrel, respectively, over the last two weeks. Based on the latest exchange rate adjustments and existing tax levels, petrol prices are likely to see a Rs3 per litre reduction, with HSD prices expected to decrease by Rs2.30 per litre.

Officials highlighted that the average global price for petrol has declined to around $76 per barrel, down from $77.5, while HSD prices fell to approximately $84 per barrel from $86.5. During this period, import premiums for petrol and HSD held steady at $8.7 and $5 per barrel, respectively, while the exchange rate also remained stable.

Currently, petrol’s ex-depot price stands at Rs243.03 per litre, with HSD priced at Rs251.29 per litre. Previously, on October 15, the government raised diesel prices by Rs5 per litre while maintaining petrol rates at Rs247.03, ending a three-month period of price cuts tied to international price trends.

Petrol, largely consumed by private transport, small cars, rickshaws, and two-wheelers, plays a significant role in the budgets of middle- and lower-middle-class households. Meanwhile, HSD, mainly used in transportation sectors such as heavy vehicles, trains, and agricultural machinery, impacts inflation by affecting the costs of essential goods, including vegetables.

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