ISLAMABAD – The petrol prices may go down on June 1, the sources familiar with the development said on Wednesday.
The petrol and diesel prices may decrease by approximately Rs6.50 to Rs7.50, they said.
The sources also said that in the past 15 days, the global market prices for petrol and diesel decreased by 3.25 dollars and 2.10 dollars per barrel respectively, while in the previous 15 days, the prices had dropped by 8.7 dollars and 4.3 dollars per barrel.
Currently, the price of petrol is Rs273.10 per liter and diesel is available at Rs274.08 per liter.
After domestic oil distribution and calculations, it is estimated that the price of petrol may decrease by Rs7.25 rupees and the price of diesel by Rs6.25. The import premium on petrol also decreased by approximately 7% from 10.30 dollars per barrel to 9.70 dollars per barrel over the past 15 days.
However, the value of the rupee against the US dollar decreased by 10 paisas over the past 15 days. Thus, the estimated reduction in the current petrol price of Rs273.10 per liter is Rs7 per liter.
The global market price of diesel has also dropped by 2.10 dollars per barrel, while the benchmark import premium paid by Pakistan State Oil remains at 6.50 dollars per barrel.
Therefore, the price of diesel could decrease by Rs6.25 per liter, but this depends on the final calculations of IFEM. The current price of diesel is Rs274.08 per liter.
After all the estimates, the officials reported that the global market price of petrol has decreased from approximately 95 dollars per barrel to about 98.27 dollars per barrel, while the price of diesel has dropped from 99.12 dollars per barrel to 97 dollars.
As a result, a reduction of Rs15.93 and Rs7.88 per liter in the prices of petrol and diesel respectively was announced across the country on May 16th.
