Petroleum Prices to Drop from August 16

A substantial reduction in petroleum product prices is anticipated from August 16, following a sharp decline in international rates.

Sources indicate a potential decrease of Rs8.36 per liter for petrol and Rs7.70 per liter for diesel. Light diesel prices may drop by Rs4.49, while kerosene oil could see a reduction of Rs7.71 per liter.

The price cuts are attributed to reduced global demand, particularly from major economies like China. The new pricing is expected to be announced between the night of August 15 and August 16.