close
Saturday March 02, 2024

Petrol price in Pakistan expected to drop in next fortnightly review

The price of diesel is likely to decline by Rs15-20 per litre, according to estimates of oil marketing companies

March 29, 2023
Petrol price and litres displayed on a digital screen at a petrol pump in Karachi, on March 17, 2023. — The News
Petrol price and litres displayed on a digital screen at a petrol pump in Karachi, on March 17, 2023. — The News

The rates of petroleum products in Pakistan are expected to decline from April 1, Geo News reported Wednesday, following a reduction in international crude oil prices.

The price of diesel is likely to decline by Rs15-20 per litre while the price of petrol is expected to go down by Rs4-5 per litre, according to estimates of oil marketing companies (OMCs).

However, well-placed sources in the industry said that there is a possibility that the Finance Division keeps the price unchanged.

In its last fortnight bulletin, the federal government raised the price of petrol to Rs272 per litre.

The Finance Division attributed the price hike to the depreciation of the Pakistani rupee against the US dollar and an increase in the prices registered by Platts Singapore.

The price of MS (petrol) was increased by Rs5 per litre and the price of hi-speed diesel was increased by Rs13 per litre.

The increase in the price of kerosene oil was kept at Rs2.56 by reducing the government’s dues on it. Similarly, the price of light diesel oil was kept constant by adjusting the government dues as well.

The new prices came into effect on March 16 and will remain in place till March 31.

The Finance Division will announce the news rates on March 31, which will remain in place for the next 15 days.