Petroleum Prices Expected To Drop From November 1 by Rs2 to Rs3 per liter. This reduction could bring relief to consumers, as prices are predicted to decrease by Rs2 to Rs3 per liter. The decline in prices is primarily due to a fall in global market trends. In the past 15 days, the price of petrol in the international market dropped to $76 per barrel, down from $77.5. Similarly, high-speed diesel prices also fell, going from $86.5 to $84 per barrel.
This price drop comes after the government recently increased the price of high-speed diesel by Rs5 per liter on October 15. During that time, the price of petrol remained unchanged. However, it is not the first time the government has adjusted prices in recent months. On September 30, the price of petrol decreased by Rs2 per liter, while high-speed diesel saw a reduction of Rs3.40 per liter.
Despite these price adjustments, the government continues to impose a heavy tax burden on petroleum products. For every liter of petrol and diesel, consumers pay a Rs60 petroleum development levy and a Rs16 customs duty. This results in a total tax of Rs76 per liter. Additionally, oil companies and dealers collect around Rs17 per liter in distribution and sales margins.
With the expected price drop on November 1, consumers can anticipate some financial relief. Lower global oil prices are a key factor driving this potential change, and it is expected that this trend will benefit the broader economy. All eyes now turn to November 1 to see how these changes will affect fuel prices nationwide. Stay tuned for more information.
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