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Friday June 14, 2024

Petrol may get cheaper by Rs5.27/litre, diesel by Rs4.13/litre from June 1

Prices are being reduced keeping in view a further decline in Brent price to $81.4 from $83 per barrel

By Khalid Mustafa
May 30, 2024
A fuel station worker refills a cars petrol tank. — AFP/File
A fuel station worker refills a car's petrol tank. — AFP/File

ISLAMABAD: The government is expected to decrease the petrol price by Rs5.27 per litre and diesel by Rs4.13 per litre from June 1, 2024 for the next fortnight.

The prices are being reduced keeping in view a further decline in the Brent price to $81.4 from $83 per barrel despite a cut in production by OPEC members. However, some countries have not curtailed the crude oil production.

Right now, there is a glut of petroleum products in the international market, which is why the Brent price is on the decline. So much so, the premium on Brent and crude oil per barrel has also decreased as the impact of Israel-Palestine conflict on the global oil market is now over.

Official and industrial sources said the working on POL prices carried out till Wednesday for next fortnight with two days left in the month of May shows that petrol may tumble by Rs5.27 per litre to Rs267.83 from the existing price of Rs273.10 per litre and diesel by Rs4.13 per litre to Rs269.95 from the current Rs274.08 per litre. Kerosene price is expected to plunge by Rs2.15 per litre to Rs171.33 from Rs173.48 per litre and likewise, light diesel oil (LDO) is also likely to go down by Rs5.08 per litre to Rs156.09 from the current Rs161.17 per litre. This would be a third relief in a row in terms of reduction in POL prices from May 1, 2024.