Petrol likely to get cheaper, diesel prices may rise from Feb 1

Petrol is expected to become slightly cheaper from February 1, while diesel prices may increase, according to media reports.

They said that based on initial estimates, petrol prices could be reduced by 36 paisa per litre. In contrast, the price of high-speed diesel is likely to go up sharply by up to Rs9.47 per litre.

Citing industry sources, the reports said that kerosene oil is expected to become costlier by Rs3.69 per litre, while light diesel oil may see an increase of Rs6.95 per litre.

Industry officials said that the Oil and Gas Regulatory Authority (Ogra) will forward its suggestions to the Petroleum Division on January 30.

The final decision on revised petroleum product prices will be taken by the Ministry of Finance in consultation with the prime minister.