Pakistanis are expected to get some relief as the government may reduce petrol and diesel prices by around Rs10 per litre on September 15. This would be the fourth time in a row that fuel prices have dropped, thanks to a $5 per barrel decrease in global oil prices over the past two weeks.
However, the government might increase the petroleum levy by Rs5 per litre to cover a Rs100 billion revenue gap for the first two months of the fiscal year. This increase would help balance the lower international prices while raising the needed funds.
Right now, petrol costs Rs259.1 per litre, and diesel is priced at Rs262.75 per litre in Pakistan. In the last review on September 1, the government lowered petrol prices by Rs1.86 and diesel prices by Rs3.32. Altogether, over the past three reviews, petrol has dropped by Rs16.50, and diesel by Rs19.88.
Officials said that international petrol prices have fallen from $81 to below $76 per barrel, while diesel has dropped from $88.5 to $83 per barrel. These changes, along with stable import charges and exchange rates, are paving the way for another price reduction.
Cheaper fuel would help control inflation, especially for middle and lower-income families who rely on private transportation. Diesel, which is used in heavy trucks, trains, and farming equipment, affects the cost of goods and services, especially essential items like food.
Source link
