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Islamabad, Pakistan – In a welcome relief to consumers, petrol prices are expected to decrease by around 10 rupees per liter from September 15, sources revealed.
The drop in prices comes after international market prices for petrol and high-speed diesel fell by approximately 5 dollars per barrel over the past 15 days. After accounting for exchange rates and current tax rates, petrol and high-speed diesel prices may decrease by 10-11 rupees per liter.
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The average international price of petrol has fallen from 81 dollars per barrel to below 76 dollars per barrel, while high-speed diesel prices have dropped from 88.5 dollars per barrel to around 83 dollars per barrel over the past 15 days.
However, sources suggest that the petroleum levy rate may be increased by 5 rupees per liter to offset the revenue loss of 100 billion rupees incurred by the FBR during the first two months of the current fiscal year. In this case, the price decrease would be around 5-6 rupees per liter.
The government has increased the maximum limit for petroleum levy to 70 rupees per liter in the finance bill to collect 1.28 trillion rupees in the next fiscal year. This move is expected to help offset the revenue loss and meet the budget target of 869 billion rupees.
Consumers can expect a decrease in petrol prices from September 15, providing some relief from the high fuel costs. However, the exact decrease will depend on the final decision on the petroleum levy rate.