Friday, May 17, 2024
Friday, May 17, 2024
HomeLatestPetroleum prices likely to decrease from April 1

Petroleum prices likely to decrease from April 1

The prices of petroleum products in Pakistan are expected to decrease from April 1 due to a reduction in international crude oil prices.

According to the media reports, Oil marketing companies (OMCs) estimate that the price of diesel will drop by Rs15-20 per litre and petrol’s price is likely to decrease by Rs4-5 per litre.

However, the industry officials suggest that the Finance Division might maintain the current prices. In the previous fortnight bulletin, the federal government had raised the petrol price to Rs272 per litre, citing the depreciation of the Pakistani rupee against the US dollar and an increase in Platts Singapore’s prices.

The government will announce the new rates on March 31, and they will remain in effect for the next 15 days.

Earlier, Prime Minister Shehbaz had announced a petroleum relief package of 100 rupees per litre for poor people amid sky-rocketing inflation.

The International Monetary Fund (IMF) had raised concerns over subsidy for petrol scheme announced by Prime Minister Shehbaz Sharif, saying that it was not consulted in this regard.

“The IMF has sought more details from Pakistan about the scheme,” said IMF resident representative Esther Pérez Ruiz in the recent statement.

The Fund representative said, “IMF has not been consulted over the petrol subsidy scheme.”

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