By Petrol and high-speed diesel prices in Pakistan are expected to decrease by Rs6.50 to Rs7.50 per litre on May 31 due to a bearish trend in the international market.
According to reliable sources, petrol and high-speed diesel prices have decreased by $3.25 and $2.10 per barrel for petrol and HSD, respectively, during the last two weeks. In the weeks before this, petrol and HSD per barrel rates had dropped by of $8.7 and $4.3, respectively.
Petrol prices are expected to decrease by Rs7.25 per litre, and HSD prices by Rs6.25 per litre in Pakistan, pending the final Inland Freight Equalisation Margin (IFEM) calculation.
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The government has reached the legal limit of a Rs60 per litre petroleum levy on both petrol and HSD, collecting Rs720 billion in the first nine months ending March 31.
The government currently charges around Rs82 per litre in taxes on petrol and HSD. This includes a Rs60 per litre petroleum development levy, Rs50 per litre on high-octane blending components and 95RON petrol, and about Rs19-20 per litre in customs duty.
