Petroleum prices likely to fall by up to Rs7

Islamabad: Petrol and diesel prices are likely to fall by around Rs3.5 and Rs7 per litre for the next fortnight ending May 31 due to falling international prices and a marginal reduction in import premium on petrol.

However, this relief is subject to unchanged tax rates.

According to a media report, based on the current tax rates, the final calculation on May 15 has estimated a reduction of around Rs3.5 in the ex-depot price of petrol, while high-speed diesel (HSD) may be reduced by Rs7 per litre.

The reduction in petrol prices is estimated based on a decrease of around $1.5 per barrel in the international price of petrol and around $3 per barrel in diesel during the last two weeks.

The current price of ex-depot petrol is Rs252.63 per litre. Petrol is mostly used in private transport, small vehicles, rickshaws, and two-wheelers, and has a direct impact on the budgets of the middle and lower middle class.

The current ex-depot price of high-speed diesel is Rs256.64 per litre.