Good news may be on the horizon for Pakistani consumers as petrol price is expected to drop. This comes after a decrease in global oil prices, with market sources indicating a reduction of $1.40 per barrel for petrol and $0.60 per barrel for diesel.
Global Petrol Price Trends
International market reports show that the price of petrol has fallen from $7.24 to $5.84 per barrel, while diesel prices have also decreased. Experts suggest that, based on these trends, petrol prices in Pakistan could fall by 3.18 per litre, and diesel prices may drop by Rs. 3 per litre as well. However, the final decision on price adjustments will rest with the government in the upcoming review.
If it happens, petrol and high-speed diesel (HSD) price would reach Rs. 258.81 per litre and Rs. 261.64 per litre, respectively, from previous Rs. 255.63 and Rs. 258.64. The current price of Kerosene Oil stays at Rs. 168.12 per litre, and Light Diesel Oil (LDO) at Rs. 153.34 per litre..
This price reduction would certainly offer some relief to consumers, especially in light of the ongoing economic difficulties and rising inflation. The government typically revises fuel prices every fortnight, considering global price shifts, exchange rates, and local taxes. Stay tuned for the final announcement on the new prices in the upcoming fuel review.
Petroleum Levy Increased
In last price revision, the levy on petrol and high-speed diesel (HSD) was raised by 16.67%, from Rs. 60 to Rs. 70 per litre. Similarly, the levy on kerosene oil saw a dramatic hike of Rs. 10.91 per litre, jumping from a mere Rs. 0.05 to Rs. 10.96 per litre. Light diesel oil also experienced an increase, with the levy rising to Rs. 7.75 per litre.
The government took this step to meet its ambitious petroleum levy collection target of Rs. 1.281 trillion for the current fiscal year.
