Prices of petroleum products are expected to decrease

The prices of petroleum products are expected to decrease for the fourth time in a row. From September 15, the prices of petroleum products are likely to decrease by Rs 10 per liter.

According to media reports, the prices of petrol and high-speed diesel in the international market have decreased by about 5 dollars per barrel during the last fortnight. According to the final calculation of the exchange rate and the current tax rate, the prices of petrol and high speed diesel may decrease by Rs 10 to 11 per litre.

Today Petrol prices

The average price of petrol in the international market has dropped from $81 per barrel to below $76 per barrel. Whereas, during the last 15 days, the price of high-speed diesel has decreased from 88.5 dollars per barrel to about 83 dollars per barrel.

During the current fortnight, import premium on petrol and HSD remained broadly stable at $8.5 and $5 per barrel, on the other hand, the exchange rate also remained stable.

The petroleum levy rate may be increased by Rs 5 per liter to take advantage of lower prices to meet FBR’s revenue shortfall of Rs 100 billion during the first two months of the current fiscal year. In this case, the price will decrease by about 5 to 6 rupees per liter.

The government has raised the maximum limit of petroleum levy to Rs 70 per liter in the finance bill to collect Rs 12.8 trillion in the next financial year. Which is about 150 billion rupees more than the collection of 10 trillion 19 billion rupees of the last financial year, while the budget target was 869 billion rupees.