Petrol price update in Pakistan today: significant reduction expected

ISLAMABAD: In a major development that is set to impact the petrol price in Pakistan today, there is an anticipated reduction of Rs10 to Rs13 per litre in petrol prices tonight. This significant change is primarily attributed to the global oil prices, which have witnessed a substantial drop over the past two weeks.

The petrol rate in Pakistan is undergoing a review today as per the routine procedure of the government, which adjusts new prices for both petrol and diesel every fortnight. This review takes into account international market trends and the exchange rate of the rupee. If the potential actually takes place, petrol pumps across the country might see a significant footfall immediately.

MEETING TO TAKE PLACE TONIGHT

As per the latest oil sector workings, there’s a strong indication of a downturn in prices for all petroleum products. The oil industry estimates, considering the current rate of petroleum levy and general sales tax, project a reduction of Rs13.10 per litre for petrol and Rs13.66 per litre for diesel. Consequently, the current petrol rate is expected to fall to Rs268.24 per litre for petrol from the existing price of Rs281.34 per litre. Similarly, the price of High-Speed Diesel (HSD) is likely to decrease to Rs276.05 per litre from the current Rs289.71 per litre.

Further, the price of kerosene is set to decrease by Rs8.36 per litre in the upcoming review, bringing it down to Rs192.80 per litre from Rs201.16 per litre. Light Diesel Oil (LDO) is also expected to see a decrease in price by Rs10.23 per litre to Rs165.70 per litre from the existing Rs175.93 per litre.

Pakistan’s petrol, diesel prices for the next two weeks

It’s crucial to note that the final pricing will be determined after adjusting for the exchange rate as well. These changes in the petrol price in Pakistan are keenly observed by consumers and businesses alike, as they have a significant impact on the overall economy.

CURRENT PETROLEUM PRICES

• Petrol Euro 5 / V Power : Rs296 per Liter
• Petrol Super/Regular : Rs281.34 per Liter    
• High Speed Diesel : Rs289.71 per Liter    
• Light Speed Diesel : Rs175.93 per Liter
• Kerosene Oil : Rs201.16 per Liter