Experts see significant cut in prices of petrol, diesel

ISLAMABAD: The price of petrol is likely to go down significantly in the range of Rs10.11 per litre while the price of high-speed diesel (HSD) may be lowered by Rs13.97 per litre for the second half of December 2022, according to estimates of energy experts.

However, there will be no reduction in petrol and HSD price in the next fortnight if the government increases the petroleum levy (PL) and adjusts the arrears of exchange loss on the FoB basis.

Sources said that petrol price is likely to be decreased from Rs224.80 to Rs214.69 per litre while the price of HSD is expected to go down by Rs13.97 per litre from Rs235.30 per litre to Rs221.33 per litre.

Petrol, diesel prices to stay unchanged for next fortnight: Ishaq Dar

Sources in Petroleum Division said that the government may jack up the PL on HSD, kerosene oil (SKO), and light diesel oil (LDO) and is also likely to adjust the arrears of exchange loss in petroleum prices for the second half of December.

They said if the government increases the PL and adjusts the arrears of exchange loss then there are slight chances that the price of petrol and HSD may go down. The government has committed to the IMF for the imposition of the general sales tax (GST) on petroleum products upon reaching the PL limit of Rs50 per litre on each petroleum product.

Copyright Business Recorder, 2022