Business

Pakistan to witness significant drop in diesel prices, Check new rates inside

Published by

Staff Reporter

2 years ago

ISLAMABAD: According to reports, the new prices of diesel are expected to drop by Rs3.90 per litre down to Rs254.53 per litre, entirely attributed to changes in prices within the international market where premium gasoline has settled to $8.84 per barrel down from $9.80 following the previous review.

This is more likely to benefit consumers such as those in the transport and agriculture sectors whose functions depend largely on diesel. The other price, petrol, is supposed to rise by 81 paise per litre, taking the new price up to Rs252.91 per litre. Most gasoline goes to motorcycles and passenger cars.

It is predicted that the inland freight equalization margins of petrol and high-speed diesel will be Rs7.92 and Rs4.15 per litre, respectively. In addition to changes in petrol and diesel prices, pricing changes in other petroleum products are expected.

The price of kerosene oil, primarily used for cooking and heating purposes in far-off areas, may be reduced by Rs3.97 to Rs161.01 per litre. Similarly, light diesel oil, mainly used in industries, may cost Rs3.55 less at Rs148.18 per litre.

It is expected that a reduction in petroleum product prices would increase consumption, thereby assisting the government meet its monthly targets for petroleum levy collection: November collections for petroleum levy arrived at a whopping Rs110 billion, which is a 19% year-on-year increase.