HomeBusinessPetroleum prices likely to go down - SUCH TV

Petroleum prices likely to go down – SUCH TV

The petrol price is expected to go down by over Rs5, while the high-speed diesel (HSD) may not witness any change in the upcoming fuel prices review.

According to media reports, the caretaker government may decrease the petrol price by Rs5.32 per litre from January 16.

However, no change in HSD price was expected in the wake of a decrease in the prices of POL [petrol, oil and lubricants] in the international market registered in the ongoing fortnight, and the increase of rupee value against the US dollar.

Kerosene oil is anticipated to experience a decrease of Rs3 per litre, while the price of light diesel oil (LDO) may see a slight reduction of Rs1.50 per litre.

The Oil and Gas Regulatory Authority (OGRA) will present its fortnightly review to the Petroleum Division, with the final decision contingent on factors such as oil consumption, the prevailing petroleum levy (PL), general sales tax (GST), premium, exchange rates, and global oil prices.

According to an estimate, the price of petrol may come down from Rs267.34 to Rs261.84 per litre. The price of HSD might be kept unchanged by adjusting exchange rate at Rs1.50 and premium of $5.30 per barrel.

The price of kerosene oil is likely to be reduced from Rs188.83 to Rs185.83 per litre and that of LDO from Rs165.75 to Rs164.25 per litre.

Recent developments in global oil prices indicate a $1.5 decrease in the price of Brent Oil per barrel, dropping from $84.50 to $83 per barrel since Jan 1, 2024.

In addition, the HSD rate exhibits a decline of around $1 per barrel, reducing from $97 to $95.80.

Further, the Pakistani rupee has strengthened against the US dollar by Rs3.

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