Fuel prices in the international market have recorded a notable decline, bringing relief signals for energy-importing countries.
According to market reports, the price of petrol fell by $2.74 per barrel, dropping from $69.27 to $66.54 per barrel. Alongside this, the petrol premium also declined by 13 cents, coming down from $5.14 to $5.01 per barrel.
The reduction in global prices has also impacted associated costs. Custom duty on petrol per liter decreased by Rs. 0.72, while the ex-refinery price of petrol dropped by Rs. 6.51 per liter. Additionally, exchange adjustment on petrol fell by Rs. 0.68 per liter, bringing the ex-refinery price down from Rs. 145.57 to Rs. 139.06 per liter.
Diesel Prices Also Decline
Diesel prices followed a similar trend in the global market. The price of diesel dropped by $2.33 per barrel, falling from $76.32 to $73.99 per barrel.
On the cost side, custom duty on diesel decreased by Rs. 0.80 per liter, while exchange adjustment dropped by Rs. 0.35 per liter. As a result, the ex-refinery price of diesel declined by Rs. 5.33 per liter, moving from Rs. 155.33 to Rs. 149.99 per liter.
Market Impact
Analysts say the decline reflects global oil market fluctuations, including changes in demand, supply dynamics, and currency adjustments. The price movement may influence upcoming fuel price reviews in oil-importing countries if the trend continues.
For consumers, the development raises expectations of possible relief in domestic fuel prices, subject to government decisions and tax adjustments.
