Fuel prices likely to decline by Rs13.40 per liter from tomorrow

ISLAMABAD: Fuel prices are expected to decline by Rs13.40 per litre, and high-speed diesel (HSD) by Rs8.19 per litre for the next fortnight starting from May 16, according to an estimate.

Global prices have massively tumbled after stability returned to the Middle East following the Iran-Israel missile attacks and a reduction in tensions in the Red Sea. Globally, petrol prices have fallen by $6.32 per barrel to $99.93, indicating a positive market shift.

The prices of kerosene oil (KERO) are likely to reduce by Rs9.49 per litre, and light diesel oil (LDO) by Rs6.54 per litre.

Finance Minister meets with PCB, Pakistan Business Council delegation

If the government allows the reduction as per estimates, the price of petrol would come down to Rs275.09 per litre from the current rate of Rs288.49 per litre, the price of HSD would reduce from Rs281.96 to Rs273.77 per litre, the price of KERO would come down to Rs173.85 from Rs183.34, and LDO price would be Rs164.12 from Rs170.66 per litre.

But the final decision on the fuel prices will be taken by the Ministry of Finance on  May 15 in light of the OGRA summary.

The government is charging a petroleum levy of Rs60 per litre on both petrol and HSD and is projected to collect Rs936 billion in the current fiscal year against a budgeted target of Rs869 billion.