 prices are expected to fall tomorrow due to international oil prices declining in the current fortnight.){kind=link}
The price of MS petrol and High-Speed Diesel (HSD) is likely to go down tomorrow because the cost of oil worldwide has been dropping lately.
The government plans to reduce the price of petrol by Rs. 9 per liter and diesel by Rs. 5 per liter on June 15, 2024.
Globally, the prices of MS and HSD have gone down by $3.75 and $2.7 per barrel in the past two weeks. Additionally, the import premium on petrol has dropped to $9.5. Despite the turbulence observed in the previous two weeks, the value of the Pakistani rupee remained steady at 278.
Based on these factors, it’s anticipated that the price of HSD will decrease to Rs. 265.22 per liter in Pakistan. Meanwhile, MS rates are expected to drop to Rs. 259.36 per liter.
During the last review of petroleum prices two weeks ago on June 1, the government reduced the price of petrol by Rs. 4.74 per liter and high-speed diesel by Rs. 3.86 per liter.
It’s important to note that the federal government has suggested a 5 percent sales tax on petroleum products in the federal budget 2024-25. Additionally, it has proposed raising the maximum petroleum levy on petrol and high-speed diesel to Rs. 80 per liter, which is an increase of Rs. 20 per liter from the previous rate.
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If this proposal is 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.