In a sigh of relief for inflation hit-masses as the prices of petroleum products are anticipated to take a significant dip, effective May 16.
Reports suggested a notable decrease in the price of petrol by Rs12 per litre, while diesel prices are likely to follow suit with a decrease of Rs9.70 per litre.
Globally, the price of petrol has witnessed a downward trend, plummeting by $6.32 per barrel. Presently, the global price stands at $99.93 per barrel. Similarly, the global diesel price has fallen to $4.97 per barrel, reflecting a positive shift in the market.
This upcoming reduction comes as a relief to many, especially after a similar decrease in petroleum prices was witnessed on May 1.
