The federal government of Pakistan has decided to reduce the prices of petrol and high-speed diesel (HSD) in line with the recent decrease in international oil prices, according to Pakistan Talk Show.
This adjustment is expected to be reflected in the upcoming fortnightly review on June 15, with petrol prices anticipated to drop by approximately Rs9 per litre and HSD by Rs5 per litre. Over the past two weeks, international prices for petrol and HSD have decreased by about $3.75 and $2.7 per barrel, respectively.
Despite this reduction, the government, led by the Pakistan Muslim League-Nawaz (PML-N), has proposed a significant increase in the petroleum levy on various petroleum products.
Additionally, the proposal includes a 50 percent hike in the levy on high-octane, light diesel, and ethanol, which would result in a Rs50 charge per litre on these products.
This dual approach aims to balance the benefits of reduced international oil prices for consumers with the government’s need to increase revenue through higher levies on petroleum products.