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Reading: Petrol and Diesel Prices to Drop Again This September
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September fuel price reduction
PhotoNews Pakistan > Business > Petrol and Diesel Prices to Drop Again This September
Business

Petrol and Diesel Prices to Drop Again This September

Web Desk
By Web Desk Published September 7, 2024 2 Min Read
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Fuel Prices likely to be cut. Photo Credits: Pakistan Observer
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For the fourth consecutive fortnight, the government is set to reduce petrol and high-speed diesel (HSD) prices by approximately Rs10 per litre from September 15, pending adjustments in the petroleum levy.

Recent global market trends have led to a $5 per barrel drop in petrol and HSD prices. Considering current exchange rates and tax policies, domestic prices could decrease by Rs10-11 per litre.

The prices of petrol and high-speed diesel in Pakistan are expected to decrease by around Rs10 per litre from September 15 due to a drop in international prices.

— Investify Pakistan (@investifypk) September 7, 2024

The government, however, might raise the petroleum levy by Rs5 per litre. This move aims to offset a Rs100bn revenue shortfall from the Federal Board of Revenue (FBR) in the first two fiscal months, potentially reducing the price cut to about Rs5-6 per litre.

Officials report a decline in the average international petrol price from roughly $81 to less than $76 per barrel, with HSD prices falling from $88.5 to about $83 per barrel. The import premiums and exchange rates have remained stable.

Currently, petrol and HSD are priced at Rs259.1 and Rs262.75 per litre, respectively. After a recent review on September 1, the government lowered these prices by Rs1.86 for petrol and Rs3.32 for HSD, totalling a reduction of Rs16.50 and Rs19.88 per litre over the last three fortnights.

In contrast, petrol prices rose by Rs17.44 and HSD by Rs15.74 in early July. Between May 1 and June 15, prices dropped by about Rs35 for petrol and Rs22 for HSD.

TAGGED:FeaturedPak­istan
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