Petroleum prices likely to fall in Pakistan

Lahore: The government of Pakistan is likely to reduce the prices of petroleum products for the second time in 15 days, reportedly.

According to media reports, the price of petrol is expected to decrease by Rs12.84 per litre.

It is also reported that the global price of petrol fell by 7.26 dollars per barrel, settling at 98.99 dollars per barrel.

Similarly, there is also a possibility of reduction in the price of diesel by Rs8.30 per litre. At the global level, the price of the product has declined by 4.68 dollars to be sold at the rate of 99.37 dollars per barrel.

The new prices of petroleum products will be applicable from May 16, 2024 after the approval of the Prime Minister.

It is pertinent to note that at present the price of petrol is Rs288.49 per litre and diesel is being sold at Rs281.96 per litre.

The government is also charging Rs60 per litre as petroleum levy on petrol and diesel while dealers are getting a margin of Rs8.64 per litre on both products.