Petrol price in Pakistan set to see another big drop from June 16

ISLAMABAD: The federal government has decided to cut petrol and high-speed diesel (HSD) prices in line with decrease in international oil prices, ARY News reported.

In the upcoming fortnightly review of prices on June 15, petrol is expected to go down by about Rs9 and HSD by Rs5 per litre.

According to sources, the prices of petrol and HSD had declined in the international market by about $3.75 and $2.7 per barrel, respectively, in the last two weeks.

Oil prices eased on Friday as markets evaluated the impact of U.S. interest rates staying higher for longer than anticipated.

Brent crude futures were down 42 cents, or 0.5%, at $82.33 a barrel. West Texas Intermediate (WTI) U.S. crude futures lost 51 cents, or 0.7%, to trade at $78.11 a barrel.

Hike in levy on petrol, diesel proposed

Meanwhile, PML-N led federal government proposed a significant increase in the petroleum levy on petroleum products.

Presenting the federal budget for the fiscal year 2024-25, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said that the government proposed an increase of 33 percent on petrol and diesel.

Similarly, the proposal sought a 50 percent increase in the levy on high-octane, light diesel, and ethanol has been increased. After approval of the proposal, Rs 50 would be charged on per litre high-octane, light diesel, and ethanol.