Petrol Price May Drop Tomorrow: Report

The price of petrol could drop in within the following fortnight (tomorrow) because of the decline on its median Platts price, according to an article from The News.

According to data that were provided by the Platts price for petrol decreased by the amount of Rs. 9.55/liter between September 1 and September 15 This could lead to the reduction of the amount of Rs. 9.62/liter in the cost of gasoline. The report also notes that the price of gasoline will be dependent on change rates. The exchange rate has been increasing in the timeline.

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In addition, due to a Rs. 15.39/liter Customs Duty, refinery rate has decreased by the amount of Rs. 7.84/liter from to Rs. 174.61/liter up to. 166.76/liter. The result is that the ex-refinery cost of Petrol is anticipated to fall by approximately Rs. 9.62/liter which is a decrease of to. 183.04/liter up to. 173.43/liter.

The diesel price is, however is expected to increase by the equivalent of Rs. 3.04/liter and go up from the current price of Rs. 247.26/liter from Rs. 247.26/liter to. 250.30/liter. The diesel Platts rate dropped by 6.46 rupees from Rs. 6.46/liter from the rate of Rs. 140.38/liter from Rs. 140.38/liter to. 133.93 liters. However, the growing rates of exchange and freight costs can affect the cost.

The increase is due to a potential increase in customs duty for diesel. The government is planning to increase the duty by 337 rupees per liter. 3.37/liter to 18.74 to Rs. 18.74/liter from Rs. 18.74/liter to. 22.11/liter. This will raise the refinery rate by the amount of Rs. 1.57/liter from 223/liter to Rs. 223/liter to 1.57/liter from Rs. 223/liter to. 224.57/ liter.

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The diesel price at the refinery will likely rise by approximately Rs. 3.04/liter from the previous rate of about Rs. 228.87/liter to the current rate of Rs. 231.90/liter.

It is important to note that the customers will be the ones to bear the cost of the increase in distribution margins for petrol and diesel which are the equivalent of Rs. 3.68/liter and the equivalent of Rs. 7/liter, respectively. In addition, the imposition of an levy on diesel and petrol is diesel is at the rate of Rs. 37.50/liter and 7.50/liter respectively. 7.50/liter respectively.

Experts predict a decrease in the cost of gasoline according to these numbers but the falling value of the local currency is making the situation a mystery.

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