ISLAMABAD: The federal government has decided to reduce the prices of petrol and high-speed diesel (HSD) in response to a decrease in international oil prices.
In the upcoming fortnightly price review on June 15, petrol is expected to drop by approximately Rs9 per litre and HSD by Rs5 per litre.
Sources indicate that international market prices for petrol and HSD have fallen by about $3.75 and $2.7 per barrel, respectively, over the last two weeks.
Oil prices eased on Friday as markets assessed the impact of US interest rates remaining higher for longer than expected. Brent crude futures fell by 42 cents, or 0.5%, to $82.33 a barrel, while West Texas Intermediate (WTI) US crude futures decreased by 51 cents, or 0.7%, to $78.11 a barrel.
Meanwhile, the PML-N led federal government has proposed a significant increase in the petroleum levy on petroleum products.
Presenting the federal budget for the fiscal year 2024-25, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb announced a proposed 33% increase in the levy on petrol and diesel.
Additionally, the proposal includes a 50% increase in the levy on high-octane, light diesel, and ethanol. If approved, Rs50 per litre would be charged on high-octane, light diesel, and ethanol.
