A sharp reduction in petrol prices has been proposed following the Islamabad memorandum of understanding signed between the United States and Iran.
The global petroleum prices have fallen to a three-month low, raising the prospect of a decrease in fuel prices in Pakistan as well. Moreover, the market sources indicated that a proposal to reduce the price of petrol by Rs22 per litre, while a cut of Rs42 per litre has been recommended for high-speed diesel.
Industry sources added that the ex-refinery price of petrol has fallen by Rs18.18 per litre. The rate has shifted from Rs245.16 per litre to Rs226.98 per litre. The ex-refinery price of diesel has also decreased by Rs36.16, settling at Rs268 per litre.
The final decision on changes in petroleum prices will be taken by the federal government. Plans under consideration include an increase of Rs27 per litre in the diesel levy. The additional levy on petrol is proposed to be reduced by Rs26 per litre and transferred to diesel. This adjustment is expected to result in reduced relief for consumers on petrol.
