Fuel prices expected to drop significantly in May

The ex-depot petrol rate may decline by Rs13.40 per litre, and high-speed diesel (HSD) by Rs8.19 per litre for the next fortnight starting from May 16, according to an estimate. The premium on petrol is expected to be around $10.30 per barrel, and $6.50 per barrel on HSD, while the exchange rate adjustment is expected to be 12 paisa. However, there are still three days left for the announcement of new prices. Global prices have massively tumbled after stability returned to the Middle East following the Iran-Israel missile attacks and a reduction in tensions in the Red Sea. Globally, petrol prices have fallen by $6.32 per barrel to $99.93, indicating a positive market shift.