Petrol Price in Pakistan to Drop by Rs12
The price cut is expected to bring significant relief to consumers, with petrol and diesel prices potentially dropping to Rs242-243 per litre and Rs248-250 per litre, respectively, from April 16, subject to government approval.
Brent crude oil prices have fallen significantly in the international market, dropping from $74.74 per barrel to $60.12 per barrel, which could lead to a reduction of up to Rs12 per liter in local petrol and diesel prices in Pakistan, providing relief to consumers.
The decline in global crude prices may result in a price cut, bringing petrol to around Rs242-243 per litre and diesel to Rs248-250 per litre, down from the current prices of Rs254.63 per litre and Rs258.64 per litre, respectively. The new rates will be effective from midnight on April 16, pending approval from the Ministry of Finance and Prime Minister's Office.
The government has maintained the maximum petroleum levy of Rs70 per liter, but may consider implementing General Sales Tax (GST) on petroleum products due to the decrease in global crude prices. This development is expected to provide relief to consumers, who have been facing high fuel prices in recent times.
The reduction in petrol and diesel prices is a welcome move, and consumers can expect to benefit from the decrease in global crude oil prices. The government's decision to adjust the prices will be closely watched, and the impact on the economy and consumers will be monitored in the coming days.