Petrol, diesel prices likely to fall amid global market trend

ISLAMABAD: Petrol and diesel prices in Pakistan are expected to go down after changes in the international oil market, which may bring relief to consumers in the next price review.

According to market sources, the ex-refinery price of diesel has dropped by Rs31 per litre, while petrol prices have decreased by Rs8.54 per litre.

Sources said the customs duty on petrol has increased by Rs2.86 per litre. After the increase, the total customs duty on petrol has reached Rs25.61 per litre from Rs22.75.

The ex-refinery price of petrol has fallen from Rs277.06 to Rs268.52 per litre. However, the premium on petrol per barrel increased by $2.90, reaching $20.34 per barrel.

Meanwhile, the overall per-barrel price of petrol declined from $144.57 to $138.08.

Diesel prices also saw a major reduction. The ex-refinery price of diesel dropped from Rs322.28 to Rs291.37 per litre. Diesel prices in the international market also fell by $17.61 per barrel.

Sources added that the final decision on petroleum prices will be made by the government. Prime Minister Shehbaz Sharif and the economic team will review the situation while considering revenue targets.

Market analysts believe that if the government does not increase the petroleum levy, consumers could get significant relief in fuel prices.