Petrol likely to hike, diesel likely to dive

WEB DESK: From April 1, 2024 onwards, there are expectations of hike in petrol price and a nominal dive in diesel price.

In a recent report by a national daily, it has been highlighted that the primary catalyst behind the impending hike in petrol costs stems from a notable reduction in production by the American petroleum giant, Mogas.

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This downturn in production has prompted the American government to ramp up imports of motor spirit, consequently driving up prices in the global market.

Conversely, the demand for high-speed diesel on the global stage has witnessed a downturn, coinciding with a surplus in supply. This juxtaposition is expected to result in a marginal decrease of approximately Rs 1.30 in diesel prices.

Government officials and industry insiders, speaking on condition of anonymity, have indicated that petrol prices could see an uptick from the current Rs 279.75 to Rs 289.69 for the period spanning April 1 to April 15.

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Meanwhile, projections suggest that the price of high-speed diesel is slated to dip marginally from Rs 285.49 to Rs 284.26. Additionally, a minor increment of 0.45 paisa in the price of light diesel is anticipated, bringing it to Rs 168.63.