Petrol prices may see major hike from Feb 1
ISLAMABAD: After a major drop in oil prices in the global market, the federal government is likely to reduce the prices of petroleum products in the country from August 1.
The final announcement will be made after the approval of the Prime Minister on July 31.
Sources said that the prices of petroleum products are likely to decrease by up to Rs 9.7 paise as the ex-refinery price of petrol has been reduced by Rs 9.7 paise and the ex-refinery price of diesel by Rs 3.73 paise.
Similarly, the price of petrol per barrel has decreased from $75.27 to $73.19, the premium on petroleum per barrel has decreased from $9.61 to $6.74, and customs duty has decreased from Rs 15.33 paise to Rs 14.29 paise.
Sources said that the ex-refinery price of petrol has been reduced from Rs 168.73 to Rs 159.66, adding exchange rate adjustment, petroleum prices may further decrease.
Sources said that the final working of the price determination will be sent to the Finance Ministry on July 31, and the Finance Ministry will take a decision keeping in mind the revenue targets.
It was further informed that after the approval of the Prime Minister, a notification will be issued by the Finance Ministry, while the public will not get relief even in case of increasing the levy on petroleum products.
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