ISLAMABAD: The prices of petrol products likely to witness a modest cut of Rs5.50 per litre in the second half of Jan 2024, effective Jan 16.
According to sources, the interim government is likely to announce a modest reduction in prices of all petroleum products, up to Rs5.50 per litre.
Sources estimated that the petrol prices could be slashed by Rs5.50 per litre while the rate of high-speed diesel (HSD) will remain unchanged.
Similarly, Kerosene oil is likely to be lowered by Rs3 per litre, while the price of light diesel oil (LDO) may see a slight reduction of Rs1.50 per litre.
The Oil and Gas Regulatory Authority (OGRA) will present its fortnightly review to the Petroleum Division, with the final decision contingent on factors such as oil consumption, the prevailing petroleum levy (PL), general sales tax (GST), premium, exchange rates, and global oil prices.
According to an estimate, the price of petrol may come down from Rs267.34 to Rs261.84 per litre. The price of HSD might be kept unchanged by adjusting exchange rate at Rs1.50 and premium of $5.30 per barrel.
The price of kerosene oil is likely to be reduced from Rs188.83 to Rs185.83 per litre and that of LDO from Rs165.75 to Rs164.25 per litre.
Recent developments in global oil prices indicate a $1.5 decrease in the price of Brent Oil per barrel, dropping from $84.50 to $83 per barrel since Jan 1, 2024.
In addition, the HSD rate exhibits a decline of around $1 per barrel, reducing from $97 to $95.80.
Further, the Pakistani rupee has strengthened against the US dollar by Rs3.
