The government is likely to reduce petrol and diesel prices today after a drop in international oil prices led to a decline in ex-refinery costs for both fuels.

According to market estimates, the ex-refinery price of diesel has fallen by Rs. 31 per litre, while petrol has become cheaper by Rs. 8.54 per litre. The expected adjustment could provide some relief to consumers amid continued pressure from high living costs.

Petrol’s ex-refinery price has reportedly decreased from Rs. 277.06 per litre to Rs. 268.52 per litre. However, the impact of this decline may be partially offset by an increase in customs duty on petrol, which has gone up by Rs. 2.86 per litre from Rs. 22.75 to Rs. 25.61.

In the international market, petrol premiums rose by $2.90 per barrel, increasing from $17.44 to $20.34. Despite that increase, the overall price of petrol declined from $144.57 to $138.08 per barrel.

Diesel recorded a sharper drop, with its ex-refinery price falling from Rs. 322.28 per litre to Rs. 291.37 per litre. Its international price also declined significantly, dropping by $17.61 per barrel from $169.10 to $151.40.

The final decision on petroleum prices will be taken by the government after consultations between the prime minister and the economic team.