Islamabad: Pakistani citizens can anticipate relief at the pumps as the government is poised to lower petrol and high-speed diesel (HSD) prices starting Tuesday, reflecting recent declines in global oil prices.
Petrol prices are expected to decrease by Rs4.50 to Rs5.20 per litre, while diesel prices are projected to drop by Rs8 to Rs8.50 per litre. This reduction is primarily due to a substantial fall in international oil prices and a decrease in import premiums over the last fortnight.
The international market has shown a downward trend, with petrol prices decreasing by about $3 per barrel and diesel by about $5 per barrel. Concurrently, the petrol import premium has fallen by nearly 10% to $9.60 per barrel from $10.7, marking a continued decline from the high of $13.50 per barrel in March.
Despite these reductions, the Pakistani Rupee has depreciated slightly against the dollar, losing about 45 paise, now standing at Rs278.65. This devaluation slightly offsets the potential drop in fuel prices, with net reductions estimated at approximately Rs5 per litre for petrol from the current Rs295.
The price for high-speed diesel is also anticipated to fall, primarily because the import premium has remained stable at $6.50 per barrel, allowing consumers to benefit directly from the lower crude prices.
These price adjustments come after a recent hike where the government had increased the prices of petrol and HSD by Rs4.53 and Rs8.14 per litre respectively, for the fortnight ending April 30.
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