A reduction in the prices of petroleum products is expected by the end of this week, owing to the drop in global oil prices. If confirmed, this would mark the third consecutive bi-weekly drop in prices of petroleum products.

Petrol is expected to become cheaper by Rs12 per litre while the price of diesel is also anticipated to decrease by Rs12 per litre, sources told Express News.

Meanwhile the price of kerosene oil is also expected to drop by up to Rs8 per litre. The final price of petrol products, based on the fluctuations in the global market, is likely to be announced by the the eve of September 15.

The government, earlier on August 14, had announced a Rs8.47 per litre reduction in petrol prices, bringing it down to Rs260 as an Independence Day gift.

Later, the government announced a slash of Rs2.97 per litre for the first half of September, with the price of HSD decreasing by Rs2.31 per litre.