According to a report by Business Recorder, due to the drop in oil prices in the global market, the ex-depot prices of petrol and high-speed diesel are expected to decrease by 8 rupees to 3 paise per liter. As per estimates, the federal government is likely to reduce the price of petrol by 4 rupees 88 paise per liter and the price of high-speed diesel by 7 rupees 37 paise per liter from May 15, 2024.
Additionally, the price of kerosene is expected to decrease by 8 rupees 3 paise, while the price of light diesel oil is likely to be reduced by Rs 5 37 paise per liter. The Oil and Gas Regulatory Authority (Ogra) is expected to submit its recommendations regarding the prices of petroleum products to the Finance Division on April 30, 2024.
Following this, the price of petrol will be reduced to Rs 289.06 per liter instead of Rs 293.94, and the new price of high-speed diesel is expected to be reduced from Rs 290.38 per liter to Rs 283.01 per liter. The price of kerosene will be reduced from Rs 193.08 to Rs 185.05 per liter, and the price of LDO is likely to decrease from Rs 174.34 per liter to Rs 168.97 per liter. It should be noted that the government is currently charging a Petroleum Levy (PL) of Rs 60 per liter on petrol and high-speed diesel (HSD). However, the General Sales Tax (GST) remains at zero. The premium rate on petrol has decreased to $9.60 per barrel, while the premium rate for HSD remains at $6.50 per barrel.
