ISLAMABAD: Petroleum prices in Pakistan are likely to witness a downward revision in the upcoming pricing review following a decline in international oil market rates, offering potential relief to consumers.
According to industry sources, the ex-refinery price of high-speed diesel has fallen by Rs31 per litre, while petrol prices have dropped by Rs8.54 per litre in the global market trend.
Sources revealed that the customs duty on petrol has been increased by Rs2.86 per litre, raising the total duty from Rs22.75 to Rs25.61 per litre. Despite the increase in duty, the ex-refinery petrol price reportedly declined from Rs277.06 to Rs268.52 per litre.
Meanwhile, the premium on petrol increased by $2.90 per barrel, reaching $20.34 from the previous $17.44 per barrel. However, the overall international petrol price fell from $144.57 to $138.08 per barrel.
A major reduction was also recorded in diesel prices, with the ex-refinery rate decreasing from Rs322.28 to Rs291.37 per litre. On the international market, diesel prices dropped by $17.61 per barrel, lowering the rate from $169.1 to $151.40 per barrel.
Sources said the federal government will make the final decision regarding petroleum prices after consultations between the prime minister and the economic team, keeping fiscal and revenue targets under consideration.
Market experts believe that consumers could receive substantial relief in fuel prices if the government decides against increasing the petroleum levy margin in the upcoming review.
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