Govt poised to lower petrol price by Rs4.50 per litre from June 1st

ISLAMABAD: Petroleum prices in Pakistan are anticipated to decrease again. According to the latest reports, the federal government is likely to announce a reduction in the petrol price by Rs4.50 per litre for the first two weeks of June 2024.

This decrease is expected to extend to high-speed diesel (HSD) as well, with a projected drop of around Rs4 per litre.

Earlier reports indicated a smaller decrease of Rs4 per litre for petrol and Rs3.5 per litre for diesel. However, recent updates suggest an additional reduction of Rs0.50 per litre for both fuels.

If implemented, this reduction will bring relief to Pakistani citizens who have been struggling with high inflation, as elevated fuel prices significantly impact commuting costs.

The official announcement of the new prices is scheduled for midnight on Friday, May 31st, 2024. These prices will take effect from June 1, 2024. The decline in international oil prices has significantly influenced this expected reduction.

It is important to note that these figures are currently projections. The final decision on whether to reduce or increase petrol and diesel prices will be made by the government, considering global market trends and exchange rates.

The federal government currently imposes a petroleum levy (PL) of Rs60 per litre on both petrol and HSD.

At present, petrol stations in major cities, including Islamabad, Lahore, and Karachi, are selling petrol (super) at Rs273.93 per litre, while high-octane petrol is priced at around Rs300.88 per litre.

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