Petrol, diesel prices likely to drop by up to Rs3 per litre on Nov 1

Petrol and diesel prices are likely to drop by Rs2 to Rs3 per litre for the next 15 days, starting from November 1, due to a minor dip in global oil prices. 

According to the 24NewsHD TV channel, average prices of petrol and high-speed diesel (HSD) in the international market have decreased by approximately $1.5 and $2.5 per barrel, respectively, over the past 15 days.

Based on current tax rates and exchange rates, petrol prices could decrease by Rs 3 per litre and diesel by Rs2.30 per litre. Officials shared that the average global price of petrol has dropped from $77.5 to $76 per barrel, while HSD prices have declined from $86.5 to $84 per barrel.

During this period, the import premium on both petrol and diesel has remained stable at $8.7 and $5 per barrel, respectively. Currently, the ex-depot price per litre of petrol is Rs. 247.03 and diesel stands at Rs. 251.29.

The government is currently collecting around Rs76 per litre in taxes on both petrol and diesel, which includes a petroleum development levy of Rs60 per litre and a customs duty of Rs16 per litre. Additionally, oil companies and dealers are earning around Rs17 per litre in distribution and sales margins.