ISLAMABAD: The government is likely to reduce the price of petrol by Rs5.50 per litre and diesel by Rs11.06 per litre from August 1, 2024, for the next fortnight, according to government and industrial sources.
Additionally, the price of kerosene oil is projected to decrease by Rs5.84 per litre, and Light Diesel Oil (LDO) by Rs5.07 per litre. This relief in POL (petrol, oil, lubricants) prices is attributed to the $1.50 per barrel reduction in premium by Kuwait Petroleum Company (KPC) on diesel and lower demand for POL products by the United States and China.
New Projected Prices:
- Petrol: Rs270.10 per litre (down from Rs275.60)
- High Speed Diesel (HSD): Rs272.57 per litre (down from Rs283.63)
- Kerosene: Rs177.87 per litre (down from Rs183.71)
- Light Diesel Oil (LDO): Rs161.18 per litre (down from Rs166.25)
However, if the government decides to increase the petroleum levy by Rs5 per litre on petrol and diesel, the relief could be reduced to Rs0.50 per litre for petrol and Rs6.06 per litre for diesel.
For the last two fortnights starting from July 1 and ending July 31, petrol prices were increased by Rs17.44 per litre and diesel by Rs15.74 per litre. The internal freight margin on petrol is Rs7.79 per litre and on HSD Rs4.51 per litre, while the premium on petrol is $8.48 per barrel and on HSD $5 per barrel.
