A reduction in petroleum product prices is expected from tomorrow for the next 15 days, ranging between Rs2.63 and Rs6.73 per litre.  According to media reports, the price of one litre of petrol is likely to be reduced by Rs2.63, while high-speed diesel may become cheaper by Rs6.73 per litre. Sources indicate that, upon government approval today, the new price of petrol would be Rs252 per litre, and high-speed diesel would be Rs251.91 per litre. As per the detailed breakdown of expected rates, petrol is set to drop from Rs254.63 to Rs252 per litre, and high-speed diesel from Rs258.64 to Rs251.91 per litre. 

According to sources, a decline in global crude oil prices has raised hopes for reduced petroleum rates in Pakistan. Economic experts have also predicted that falling petroleum prices will help ease inflationary pressures in the country.  It is pertinent to mention here that on April 16, the federal government issued a presidential ordinance that abolished the Fifth Schedule, effectively removing the cap on petroleum levy (PL) rates.

This ordinance now allows the government to fix the levy amount at its discretion without any legal ceiling. Previously, the government was limited to a maximum petroleum levy of Rs 70 per litre. However, after the ordinance, the levy on petrol has already been increased by Rs8.02, raising the total to Rs78.02 per litre. Similarly, the diesel levy has been increased by Rs7.01, bringing it to Rs77.01 per litre.

Credit: Independent News Pakistan (INP)