Petrol, diesel prices may drop slightly from June 1

The price of petrol could decrease by Rs0.60 per litre, while high-speed diesel (HSD) may see a reduction of Rs0.28 per litre for the next fortnightly period, starting from June 1. 

Despite this, there is also a strong possibility that prices for petrol, oil, and lubricants (POL) will remain unchanged starting June 1, depending on the finance ministry’s input.

Meanwhile, kerosene oil prices are expected to increase by Rs0.30 per litre, reaching Rs164.96 from the current Rs164.64 per litre. Light diesel oil (LDO) prices may also rise by Rs1.30 per litre.

On the international front, Brent crude oil traded between $64.02 and $64.60 per barrel. West Texas Intermediate (WTI) crude fell more than 1.5 percent, dropping below $61 per barrel. 

This decline followed reports that OPEC+ plans to increase output at its upcoming meeting, though the exact scale of the hike remains undecided. 

Market pressures were further influenced by data indicating the US economy contracted early in the year. 

Earlier, crude prices had gained about 2 percent after a US trade court blocked many of former President Donald Trump’s trade tariffs, including those affecting China, the largest crude importer globally.