ISLAMABAD: Amid the continued decline in the international market, during the last two weeks, fuel prices are expected to go down further in the local market of Pakistan. After the recent decrease in the international market, the price of the fuel went down by Rs10-Rs 15 in Pakistan on the 15th of May.
After the same downward trajectory continued in the international market, there is a possibility the federal government to announce another decrease in petroleum prices by about Rs4 per litre from the 1st of June for 15 days.
Decline in Fuel Prices at International Market
At present, the price of the US oil closed the weekend at about $77.670 per barrel followed by the same downward trend in Brent and others. If the price in the international market remained the same or further down, it would also affect the local market in Pakistan.
Accordingly, the official announcement of the new prices will be made at midnight on May 31st, 2024.
It is worth mentioning here that the federal government is charging Rs60 per litre petroleum levy (PL) on both petrol and HSD and the current price of petroleum in the international market is quite satisfactory and affordable, however, the high petroleum levy in Pakistan makes it unaffordable for the public, particularly the middle class.
