Petrol, diesel to get cheaper by up to Rs7.5 per litre

Due to a bearish trend in the international market, petrol and high-speed diesel (HSD) prices are expected to decrease by approximately Rs6.50 to Rs7.50 per litre on May 31, despite a slight exchange rate loss. Informed sources said the prices of petrol and HSD had declined in the international market by about $3.25 and $2.10 per barrel, respectively, in the last fortnight. This is on top of the $8.7 and $4.3 per barrel drop in petrol and HSD rates, respectively, in the previous fortnight. Depending on the final calculation of the Inland Freight Equalisation Margin (IFEM), the petrol price is projected to come down by Rs7.25 and HSD by Rs6.25 per litre. The import premium on petrol has decreased by about 7pc in the last fortnight to $9.70 from $10.30 per barrel.