The federal government has announced some minor relief to the public by reviewing petroleum product prices. The price of the petrol and high-speed diesel has been lowered by the Petroleum Division in the notification, whereas the new rates will be implemented from August 7.
As per the official notification, the price of petrol has been reduced by Rs 3.19 per litre, and hence, the price of petrol has been fixed at Rs 329.82 per litre. Likewise, the price of high-speed diesel has been slashed by Rs 1.50 per litre, and the new price is Rs 382.36 per litre.
The government reviews the prices of petroleum products as usual, taking into account crude oil prices in the global market, import costs, exchange rates and other financial factors. The fresh prices have been determined under the same process.
Experts say that although the price reduction is limited, it can provide partial relief to daily commuters, the transport sector and some business activities. According to them, fluctuations in crude oil prices in the global market and the value of the rupee may affect future prices.
According to economic observers, even a slight change in the prices of petroleum products can affect inflation, transportation costs and the delivery of essential goods. That is why consumers and business circles are also keeping a close eye on the upcoming price review, while the new prices are expected to provide limited immediate financial relief.