A major reduction in petrol prices anticipated starting from September 15, 2024. According to market reports, the price of petrol may decrease by 10 to 11 rupees per liter, providing much-needed relief to consumers across the country.
Petrol Price Drop Due to International Market Trends
The expected decline in petrol prices largely attributed to changes in the international market. The average price of petrol has dropped from $81 per barrel to below $76 per barrel over the past 15 days. This shift in global oil prices expected to directly benefit consumers at the local level.
Impact on High-Speed Diesel (HSD) Prices
In addition to petrol, the price of high-speed diesel (HSD) also set to decrease. HSD prices in the international market have fallen from $88.5 per barrel to around $83 per barrel, indicating a similar drop in local diesel prices by 10 to 11 rupees per liter.
Stable Exchange Rates and Import Premium
During the past 15 days, the import premium on petrol and HSD has remained steady, with petrol at $8.5 per barrel and diesel at $5 per barrel. The exchange rate has also remained stable, supporting the likelihood of the price reduction in Pakistan.
Government’s Petroleum Levy Update
The government has recently increased the maximum limit of the petroleum levy to 70 rupees per liter as part of the financial bill. This move aimed at generating 1.208 trillion rupees in the upcoming fiscal year, which is a significant increase compared to last year’s 1.019 trillion rupees.
Recent Reduction in Petrol Prices
Earlier, on September 1, the government had already reduced the prices of petrol and HSD by 1.86 rupees and 3.32 rupees per liter, respectively. This further reduction expected on September 15 will mark a continued downward trend in fuel prices.
Consumers advised to stay updated with the latest petrol price announcements to benefit from the expected relief in fuel costs.
