Petrol price in Pakistan is poised to decline for the third consecutive fortnight, with diesel and petrol expected to become Rs5-18 per litre cheaper, as the rupee strengthens against the dollar.
According to official sources, High-Speed Diesel (HSD) prices may drop by approximately Rs5-6 per litre, dipping below Rs300 per litre, unless the caretaker government decides to increase the petroleum levy. Petrol is also anticipated to see a reduction of about Rs18 per litre.
This decrease is largely attributed to the Pakistani rupee strengthening against the US dollar by around Rs3 in the past two weeks. Additionally, the average price of diesel has fallen by approximately $1.3 per barrel, while petrol prices have increased by about $3.5 per barrel.
The government might consider maximizing the petroleum levy on HSD to Rs60 per litre, up from the current Rs55, although revenue collections have been surpassing targets thus far.
