- The government is likely to reduce the price of diesel by Rs 11.06 per litre.
- Kerosene price is likely to drop by Rs 5.84 per litre.
- The new retail price of petrol is likely to be Rs 270.10 per litre.
ISLAMABAD: The government is likely to reduce the price of petrol by Rs 5.50 per litre and diesel by Rs 11.06 per litre from August 1, 2024, during the next fortnight, government and industry sources said. News.
Kerosene price is projected to decline by Rs 5.84 per litre and light diesel oil (LOD) by Rs 5.07 per litre.
“This relief in POL [petrol, oil, lubricants] “The prices are attributed to a $1.50 per barrel reduction in the Kuwait Petroleum Company (KPC) premium on diesel and lower demand for POL products from the world's largest economies, namely the United States and China,” the sources said.
The new retail price of petrol is likely to be Rs 270.10 per litre from August 1, 2024, up from the current price of Rs 275.60. Similarly, the new price of high-speed diesel (HSD) is likely to be fixed at Rs 272.57, up from the current rate of Rs 283.63 per litre.
Kerosene price could be fixed at Rs 177.87 per litre, against the current Rs 183.71 per litre, while light diesel oil (LDO) is likely to be sold at Rs 161.18 per litre, against the current rate of Rs 166.25 per litre.
However, sources said if the government decides to increase petroleum tax by Rs 5 per litre each on petrol and diesel, then the relief could be reduced to Rs 0.50 per litre on petrol price and Rs 6.06 per litre on diesel price.
During the last two fortnights, from July 1 to July 31, the price of petrol has increased by Rs 17.44 per litre and diesel by Rs 15.74 per litre.
The domestic freight margin for petrol stands at Rs 7.79 per litre and that for HSD at Rs 4.51 per litre. However, the premium for petrol stands at $8.48 per barrel and that for HSD at $5 per barrel.
Originally published in The News
