Govt Likely to Give Big Relief On Petrol Price Before Eid

MS petrol and High-Speed Diesel (HSD) prices are expected to fall tomorrow due to international oil prices declining in the current fortnight. The federal government is expected to decrease the price of petrol and diesel by Rs. 9 per liter and Rs. 5 per liter each on 15 June 2024. Globally, MS and HSD have devalued by $3.75 and $2.7 per barrel in the current fortnight. Moreover, the import premium on petrol has fallen to $9.5.  And despite all the ruckus seen in the previous two fortnights, the Pakistani rupee remained stable at 278. Considering the above, it is expected that the price of HSD is poised to decrease to Rs. 265.22 per liter in Pakistan. Meanwhile, MS rates are expected to fall to Rs. 259.36 per liter. At the last fortnightly review of petroleum prices on June 1, the government decreased the price of petrol by Rs. 4.74 per liter. The price of high-speed diesel was decreased by Rs. 3.86 per liter. It bears mentioning that the federal government has proposed a 5 percent sales tax on petroleum products in the federal budget 2024-25. It has further recommended an increase in the maximum petroleum levy on petrol and high-speed diesel to Rs. 80 per liter, an increase of Rs. 20 per liter over the previous rate. If approved, the levy on Light Diesel Oil (LDO), High octane blending component (HOBC), and E-10 gasoline will also increase by Rs. 25 per liter to Rs. 75 per liter.