The prices of MS petrol and High-Speed Diesel (HSD) are expected to decrease tomorrow, following a decline in international oil prices over the past fortnight.
The federal government is anticipated to lower petrol prices by Rs. 9 per liter and diesel prices by Rs. 5 per liter on June 15, 2024. This reduction is in response to global prices for MS and HSD falling by $3.75 and $2.7 per barrel, respectively, in the current fortnight. Additionally, the import premium on petrol has decreased to $9.5. Despite significant fluctuations in the past two fortnights, the Pakistani rupee has remained stable at 278.
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As a result, the price of HSD is expected to drop to Rs. 265.22 per liter, while MS prices are anticipated to fall to Rs. 259.36 per liter in Pakistan.
In the previous fortnightly review on June 1, the government reduced petrol prices by Rs. 4.74 per liter and high-speed diesel prices by Rs. 3.86 per liter.
It is noteworthy that the federal government has proposed a 5 percent sales tax on petroleum products in the 2024-25 federal budget. Additionally, it has recommended raising the maximum petroleum levy on petrol and high-speed diesel to Rs. 80 per liter, a Rs. 20 per liter increase from the previous rate. If approved, the levy on Light Diesel Oil (LDO), High Octane Blending Component (HOBC), and E-10 gasoline will also rise by Rs. 25 per liter to Rs. 75 per liter.
