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It’s the third consecutive time in the last 30 days that the petrol prices are anticipated to slash by up to Rs. 7 on May 31, for the next fortnight. Meaning a sigh of relief for inflation-stricken masses already grappling with escalated living costs.
The Anticipation
As per the media reports, the international market has observed a drop of $3.25 and $2.10 per barrel in prices of petrol and high-speed diesel (HSD), respectively. Similarly, the premium on petrol witnessed the same trend, slashed to $9.70 from the previous $ 10.30 per barrel.
The reports informed that petrol prices are likely to reduce by Rs. 7.25 per liter. Meanwhile, the HSD price may come down by Rs. 6.25.
Current Petrol Prices
Previously, the incumbent government declined the petrol price by Rs.15.39 per liter, taking the price to Rs. 273.10 from the previous Rs. Rs. 288.49. Meanwhile, the price of diesel was also revised to Rs. 274.08 compared to the old price of Rs. Rs. 290.38. And again, the reason behind the move was not local.
The prices came down due to international drop in the rate of crude oil, stability of PKR against the USD and stable economic conditions in the country – a good sign for a common person because petroleum prices are directly linked to the inflation rate in Pakistan.
The government has also reached the maximum allowable petroleum levy of Rs60 per liter on both petrol and HSD, collecting Rs720 billion in the first nine months ending March 31.
The budget target was set to collect Rs869 billion as petroleum development levy (PDL) on petroleum products for the current fiscal year, in line with commitments made to the International Monetary Fund (IMF).
These fluctuations in prices and sales highlight the importance of keeping an eye on global and domestic trends in the petroleum market.
What do you think about the upcoming relief in petrol prices? Tell us in the comments section.
