ISLAMABAD: Fuel prices in Pakistan are expected to decrease once more, with the federal government likely to announce a reduction in petrol prices by Rs 4.50 per litre for the first half of June. The price of high-speed diesel (HSD) is also anticipated to fall by around Rs 4 per litre.
The official announcement of the new prices will be made at midnight on May 31, 2024, with the new rates taking effect on June 1, 2024.
This expected price drop is driven by a significant decrease in international oil prices. As of May 24, 2024, global oil prices have fallen by $1.68 per litre compared to two weeks ago, currently at $96.19 per litre. Diesel prices have also declined in the global market, dropping by 83 cents to $98.40 per litre.
With six more trading days remaining before the final prices are set, the actual prices could still vary slightly depending on global market fluctuations and exchange rates.
The federal government is currently charging a petroleum levy (PL) of Rs 60 per litre on both petrol and HSD. The general sales tax (GST) rate is set at zero. The government projects to collect Rs 936 billion against a budgeted target of Rs 869 billion for the fiscal year.
This expected reduction in fuel prices is a welcome relief for consumers, reflecting the impact of falling international oil prices.
