Petrol price likely to go down from April 1

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

According to estimates of oil marketing companies (OMCs), 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.

However, well-placed sources in the industry said that there was a possibility that the Finance Division would keep the price unchanged.

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

The Finance Division attributed the price hike to the depreciation of 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 per litre 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 new rates on March 31, which will remain in place for the next 15 days.