Petrol prices fall soon?

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Petrol prices fall soon?
Petrol prices fall soon?

According to oil price predictions (cited by Express Tribune), petrol prices will likely decrease by 7.50 rupees per liter. In the second half of December 2022, the price of High-Speed Diesel (HSD) is expected to decline by Rs. 12.37 per liter, according to the government.

It has been reported in the Express Tribune that if the government increases the Petroleum Levy (PL) and fixes the arrears of exchange loss on the Free on Board (FOB) basis, there will not be a decrease in the price of petroleum products next week, despite the fact that the government increases the PL.

In addition to that, the report also predicted that the cost of petrol will drop by Rs. 7.50 per liter, from Rs. 224.80 to Rs. 217.30, and that the price of High-Speed Diesel (HSD) will drop by Rs. 12.37 per liter, from Rs. 235.30 to Rs. 222.93.

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According to the report, citing sources within the Petroleum Division, the government will likely raise taxes on HSD, Superior Kerosene Oil (SKO) and Light Diesel Oil (LDO), according to sources within the division. It may also rectify the arrears of exchange loss in fuel prices.

The report further states that, if the government increases the PL and adjusts the arrears of exchange loss, petrol and HSD price decrease is less likely.

The government currently charges Rs. 50 per litre PL for petrol, Rs. 25 per litre for HSD, Rs. 7.01 per litre for SKO, and Rs. 15.39 per litre for LDO. It has assured international lenders that the PL on HSD will rise to Rs. 50 liter by April 2023.

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