Apr 30, 2024
The petrol price in Pakistan is likely to come down by up to Rs5 per litre as rates in the international market declined in the past two weeks.
According to Geo News, the federal government is expected to make the following deductions in price of the petroleum products:
- Petrol — up to Rs5.04 per litre
- Diesel — up to Rs8 per litre
- Kerosene oil — up to Rs8.03 per litre
- Light diesel oil (LDO) — up to Rs5.4 per litre.
However, it should be noted that the final decision on the summary, submitted by the Oil and Gas Regulatory Authority (OGRA), will be taken by the Ministry of Finance after consultations with Prime Minister Shehbaz Sharif.
If the expected reduction in prices materialises, petrol will be reduced from Rs293.94 to Rs288 per litre and diesel from Rs290.38 to Rs 282.38 per litre for the next fortnight.
Whereas, new rate for kerosene oil will be Rs Rs85.05 instead of the current Rs93.08 per litre, also price for LDO will be reduced to Rs168.97 from Rs174.34 per litre.
According to The News, the new POL prices have been worked out based on the current government taxes. The internal freight equalisation margin on petrol will remain at Rs6.75 per litre and HSD Rs3.71 per litre. The sources stated that the premium for petrol is $9.60 per barrel, and for HSD it is $6.50 per barrel.
Data shows that the ex-refiner price of petrol may plunge to Rs205.80 from Rs210.68, HSD to Rs202.70 from Rs210.07 per litre, Kerosene to Rs175.46 from Rs183.49 and LDO to Rs162.85 from Rs168.02 per litre.
To recall, the government on April 15 had jacked up petrol and diesel prices by Rs 4.5 and Rs8.1 per litre, respectively.
Every 15 days, the government examines and modifies petroleum product prices in response to changes in the price of oil globally and in the value of the local currency.
The expected fuel consumption and supply costs of Pakistan State Oil, the state-owned oil corporation, as well as monthly tax targets, would be taken into consideration by the government when determining the prices of petroleum goods.
