Global oil prices recorded a significant decline, bringing relief to fuel markets worldwide. In the international market, petrol prices fell by $2.74 per barrel, dropping from $69.27 to $66.54 per barrel.
According to reports, the petrol premium declined by 13 cents per barrel, falling from $5.14 to $5.01. Customs duty on petrol also decreased by Rs. 0.72 per litre, while the exchange rate adjustment was reduced by Rs. 0.68 per litre.
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As a result, the ex-refinery price of petrol dropped by Rs. 6.51 per litre, falling from Rs. 145.57 to Rs. 139.06 per litre.
Diesel prices also witnessed a notable reduction. The price of diesel decreased by $2.33 per barrel, falling from $76.32 to $73.99 per barrel in the global market.
For diesel, customs duty declined by Rs. 0.80 per litre, while the exchange adjustment fell by Rs. 0.35 per litre. Consequently, the ex-refinery price of diesel dropped by Rs. 5.33 per litre, decreasing from Rs. 155.33 to Rs. 149.99 per litre.
Market analysts say the downward trend in global oil prices could influence upcoming domestic fuel price adjustments, offering potential relief to consumers if the trend continues.
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