The government is set to revise fuel prices for the upcoming fortnight, starting August 16. High-speed diesel (HSD) is expected to drop by Rs. 11.50 per litre, while petrol may see a slight increase of Rs. 1.40 per litre. These changes reflect global oil market trends and exchange rate fluctuations, with final figures pending last-minute calculations.
Global Market Trends Influence Prices
International petrol prices rose by 15 cents per barrel over the past two weeks, while diesel prices fell by $4.5 per barrel. The rupee also appreciated slightly against the US dollar, which contributed to the reduction in diesel prices. These factors, combined with existing tax rates, are projected to result in a 4% decrease in HSD prices and a 0.5% increase in petrol prices.
Current Petrol and Diesel Rates
Petrol is currently priced at Rs. 264.61 per litre after a Rs. 7.54 reduction on August 1. This followed four consecutive hikes totaling Rs. 20 since mid-May. Diesel, priced at Rs. 285.83 per litre, saw a Rs. 27 increase since May but a minor Rs. 1.48 cut earlier this month. The new adjustments aim to balance global and domestic market conditions.
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Impact on Household Budgets
Petrol is widely used in private vehicles, motorcycles, and rickshaws, directly affecting middle- and lower-income households. A slight increase may strain budgets, while the diesel price drop could ease transportation and agriculture costs. Diesel fuels heavy vehicles, generators, and farm equipment, making its reduction beneficial for businesses and farmers reliant on HSD for operations.
Kerosene and LDO Prices Also Declining
Besides diesel, kerosene and light diesel oil (LDO) prices are expected to decrease by Rs. 6 and Rs. 7 per litre, respectively. Kerosene is vital for low-income households, while LDO is used in industrial machinery. The reductions will provide relief to consumers and industries dependent on these fuels, aligning with global price trends.
Conclusion: A Mixed Impact on Consumers
The upcoming fuel price adjustments bring both relief and concern. Diesel, kerosene, and LDO users will benefit from lower costs, while petrol consumers face a minor hike. These changes highlight the impact of global oil dynamics on local economies, emphasizing the need for stable pricing policies to balance consumer welfare and economic stability. Final rates will be confirmed after official calculations.