Massive Drop in Petrol Price Expected from 16th May

Commencing from May 16, there is anticipation surrounding a substantial decline in petrol prices, as indicated by recent reports. It is projected that petrol rates may witness a noteworthy reduction of Rs. 12 per liter. This potential decrease is attributed to a downturn in the global price of petrol, which has descended to $6.32 per barrel, edging closer to the $99.93 per barrel mark.

Moreover, there is the prospect of diesel prices experiencing a notable decline by Rs. 9.70 per liter. This potential reduction follows a downturn in the global diesel price, which has plummeted to $4.97 per barrel. Consequently, the current diesel price hovers around $99.08 per barrel.

It is noteworthy to mention that this anticipated reduction in petrol and diesel prices follows a previous decrease in petroleum product prices witnessed on May 1.