[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]In Islamabad, the prices of major petroleum products, including petrol and high-speed diesel (HSD), are poised to decrease by over Rs10 per liter each on December 15 for the upcoming two weeks. This reduction is primarily attributed to the recent decline in international market prices.
According to well-informed officials, the global prices for both HSD and petrol have dropped by nearly 5% over the past two weeks. Additionally, the Pakistani rupee has slightly strengthened against the US dollar. These factors combined result in a significant decrease in domestic prices for consumers.
For the calculations, officials mentioned that the average cost of HSD has decreased by approximately $4 per barrel, going from about $99.50 to $95.50 during the week. Similarly, the price of petrol has fallen from $86.5 to $81.7.
Last Update: Pakistan Maintains Petrol Price, Lowers Diesel By Rs7
The rupee’s gain against the dollar from Rs285.5 to Rs284 on December 1 also played a role. The benchmark Brent oil dropped from $79 per barrel to $73 during this period.
As a result, it is estimated that HSD prices will reduce by at least Rs12 per liter, and petrol prices will see a minimum reduction of Rs10 per liter. Furthermore, kerosene and light diesel oil are expected to experience reductions of Rs7 and Rs13, respectively.
The government has already reached the maximum permissible limit of Rs60 per liter in petroleum levy as per the law. While the budget target for collecting Rs869 billion as petroleum levy during FY24 was set with the IMF, the government now anticipates surpassing this target and aiming for a collection beyond Rs950 billion by the end of June.[/vc_column_text][/vc_column][/vc_row]
