Fuel prices could come down by Rs 38 per liter

ISLAMABAD: Recent developments in global oil rates and the strengthening of the Pakistani rupee are expected to lead to a significant reduction in petrol and high-speed diesel (HSD) prices, possibly bringing them below Rs300 per liter in the upcoming review.

The potential decrease, estimated at up to Rs38 per liter for petrol and up to Rs20 per liter for HSD, would mark the most substantial single drop in fuel prices in recent times.

However, it should be noted that the caretaker government retains the discretion to decide on the final prices, especially in the case of high-speed diesel, which currently carries a petroleum development levy of Rs50 per liter, as opposed to Rs60 on petrol.

Petroleum sales in Pakistan decline by 34% due to high prices

The government has set a target to collect approximately Rs869 billion in levies on petroleum products for the current fiscal year, aligning with commitments made to the International Monetary Fund (IMF). If these adjustments are implemented, it would be the second consecutive reduction in petroleum prices by the caretaker government after three consecutive fortnightly increases.

Currently, the government imposes a tax of around Rs82 per liter on petrol and Rs73 per liter on high-speed diesel.

Web Desk