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ISLAMABAD: The interim government may announce a modest decrease in ex-depot prices of all petroleum products up to Rs5.50 per litre with effect from January 16, 2024, based at current taxes.

According to an estimate, the petrol price may be slashed by Rs5.50 per litre for the second half of January; however no change is expected in the rate of high-speed diesel (HSD).

The rate of kerosene oil (SKO) is likely to come down by Rs3 per litre.

Likewise, the price of light diesel oil (LDO) may also climb down slightly by Rs1.50 per litre.

Govt slashes petrol price by Rs14, HSD’s by Rs13.50

The Oil and Gas Regulatory Authority (OGRA) will submit its fortnightly review to the Petroleum Division and a final decision would be based at oil consumption, current rate of petroleum levy (PL), general sales tax (GST), premium, exchange rate, and global oil prices.

According to the estimate, the price of petrol may come down from Rs267.34 to Rs261.84 per litre. The price of HSD may be kept unchanged by adjusting exchange rate at Rs1.50 and premium of $5.30 per barrel. The price of SKO is likely to be reduced from Rs188.83 to Rs185.83 per litre and LDO from Rs165.75 to Rs164.25 per litre.

The price of Brent Oil reduced by $ 1.5 dollar per barrel from $84.50 to $83 per barrel since January 1, 2024 while HSD rate shows cheaper by around $1 per barrel from $97 to $95.80. Pak rupee has also gained against the US dollar by Rs3.

Copyright Business Recorder, 2024

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