Because of the decline in the price of oil globally, a decrease in the cost of petroleum products is anticipated by this week’s end. If verified, the prices of petroleum items would have decreased for three straight biweekly periods.According to sources who spoke with Express News, there will be a 12 rupee drop in the price of petrol and a 12 rupee drop in the price of diesel per litre. Kerosene oil is also anticipated to have a price decrease of up to Rs8 per litre in the interim.

Based on changes in the worldwide market, the final price of petrol items will probably be revealed by September 15th’s eve. Oil nears a three-year low, increasing profit margins Recently, oil prices fell to a level that was nearly three years lower, which increased fuel marketing companies’ profitability and might result in lower pump costs.

Due to worries about slowing economic growth, Brent crude dipped below $70 per barrel on Tuesday for the first time since December 2021.

Fuel merchants have seen an improvement in their marketing margins as a result of this decline, particularly state-run businesses that hold 90% of the market. However, due to robust spot demand, crude oil prices increased by ₹51 to ₹5,709 per barrel in futures trading on Thursday. With 11,306 lots traded, October delivery crude oil on the Multi Commodity Exchange was up 0.9% at ₹5,709 a barrel.

Brent crude increased 1.32% to $71.54 a barrel in New York, while West Texas Intermediate crude increased 1.26% to $68.16 globally.