The price of kerosene oil is expected to decrease by Rs8 per liter, while the price of petrol and high-speed diesel are expected to receive a reduction of Rs12 per liter each, according to sources.
After analyzing the fluctuations that occurred on the worldwide market from September 12 to 14, the ultimate decision regarding the reduction in the price of gasoline would be made.
Beginning on September 16, the existing rates will be replaced with the new ones.
At one point in time, the government experienced a modest decrease in the prices of petroleum. With a drop of Rs 1.86 per litre, the price of petrol has been brought down to Rs 259.10, while the price of high-speed diesel has been reduced by Rs 3.32 per litre, and it is currently priced at Rs 262.75.
A three-year low is reached for oil prices.
Oil benchmark on a global scale OPEC+ revised down its demand prediction for this year and 2025, offsetting supply concerns from Tropical Storm Francine, which resulted in Brent crude futures arriving at their lowest level since December 2021. This occurred on Tuesday.
Brent crude futures reached a price of $69.19 a barrel, representing a decrease of $2.65, or 3.69%. The final price of a barrel of West Texas Intermediate (WTI) crude in the United States was $65.75, representing a decrease of $2.96, or 4.31%.
In addition, the Organization of the Petroleum Exporting Countries (OPEC) reduced its forecast for the growth of world demand in 2025 from 1.78 million barrels per day to 1.74 million barrels that year. As a result of the deteriorating prospects for global demand and the anticipation of an oil glut, prices moved downward.
According to increased inventories of diesel and gasoline, margins for Asian refiners dropped to their lowest seasonal level since the year 2020 last week.
