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Petrol Prices Likely to Go Down by Rs 9 per Litre From Tomorrow

Islamabad: The government is set to reduce petrol and high-speed diesel (HSD) prices, passing on the benefits of lower international oil prices to consumers. In the fortnightly price review on June 15, petrol prices are expected to drop by Rs 9 per litre and HSD by Rs 4.02 per litre.

Industry sources reveal that international petrol and HSD prices have decreased by $3.75 and $2.7 per barrel respectively in the past two weeks, adding to the previous declines of $12 and $8 per barrel over the past month. Currently, petrol is priced slightly above $90 per barrel, down from $94, while HSD has reduced to $95 from $98 per barrel.

The import premium on petrol has marginally decreased to $9.50 per barrel from $9.70, and the rupee has remained stable, contributing to the projected price cuts.

Following this decline in oil rates in the international market sources indicate a potential decrease of Rs 9.28 per litre for petrol, alongside reductions for other fuels: high-speed diesel (HSD) by Rs 4.02, kerosene oil by Rs 2, and light diesel oil by Rs 4.07 per litre.

These anticipated cuts are influenced by global oil prices, currency exchange rates, and other financial considerations for the energy sector. If approved, the new prices would be Rs 259.08 per litre for petrol, Rs 266.20 for high-speed diesel, Rs 169.61 for kerosene oil, and Rs 153.25 for light diesel oil for the latter half of June.

The Oil and Gas Regulatory Authority (Ogra) will submit its recommendations on June 15, after which the finance ministry will consult with the prime minister for final approval.

Presently, petrol costs Rs 268.36 per litre, high-speed diesel is priced at Rs 270.22 per litre, kerosene oil at Rs 171.61 per litre, and light diesel oil at Rs157.32 per litre in the open market. Petrol is mainly used for cars and motorcycles, while high-speed diesel fuels heavy vehicles like trucks and buses, as well as industrial machinery.

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