Change in petrol prices on cards from May 01

Amid decline in international oil prices and premium rates, the government is expected to provide relief to the masses by slashing petrol and high-speed diesel (HSD) prices from May 01.

According to reports, the prices are expected to be slashed up to Rs8.03 per litre.

According to an estimate, the federal government is expected to cut the price of petrol by Rs4.88 per litre and HSD by Rs7.37 per litre in the petroleum price review for May 1-15, 2024.

Moreover, price of kerosene oil is expected to be slashed by Rs8.03 per litre, while light diesel oil (LDO) by Rs5.37 per litre.

The premium rate on petrol has fallen to $9.60 per barrel and remains stagnant at $6.50 per barrel for HSD.

The government is charging Rs60 per litre petroleum levy (PL) on petrol and HSD but kept general sales tax (GST) at zero.

The Oil and Gas Regulatory Authority (OGRA) is scheduled to submit its recommendations to the Finance Division for petroleum product prices on April 30, 2024, for consideration.