MS petrol and High-Speed Diesel (HSD) prices are expected to fall tomorrow as international oil prices fall in the last fortnight.
On June 15, 2024, the federal government is expected to reduce petrol and diesel prices by Rs. 9 and Rs. 5 per litre, respectively.
Around the world, MS and HSD have fallen by $3.75 and $2.7 per barrel in the last two weeks, respectively. Furthermore, the import premium for petrol has dropped to $9.5.
Despite the uproar over the previous two fortnights, the Pakistani rupee remained stable at 278.
Price of HSD
Given the foregoing, the price of HSD is expected to fall to Rs. 265.22 per litre in Pakistan. Meanwhile, MS rates are expected to fall to Rs. 259.36 per litre.
The government reduced the price of petrol by Rs. 4.74 per litre in the most recent fortnightly review of petroleum prices on June 1. The price of high-speed diesel was reduced by Rs. 3.86 per litre.
Federal Proposed 5% Sales Tax
It is worth noting that the federal government has proposed a 5% sales tax on petroleum products in the federal budget 2024-25.
It has also recommended raising the maximum petroleum levy on petrol and high-speed diesel to Rs. 80 per litre, an increase of Rs. 20 per litre over the previous rate.
If accepted, the levy on Light Diesel Oil (LDO), High Octane Blending Component (HOBC), and E-10 gasoline will increase from Rs. 25 to Rs. 75 per litre.
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