Canada Global(Web News)There is a possibility that the prices of petroleum products (petrol and diesel) will decrease by 10 rupees per liter on December 15 due to the decrease in prices in the global market.
According to the report, informed officials say that during the last 15 days, the prices of diesel and petrol have decreased by around 5 percent globally, while the value of the rupee has also increased slightly against the dollar. As a result, prices for consumers at the local level can be reduced accordingly.
Over the past week, diesel fell nearly $4 a barrel to $95.50 from $99.50, while gasoline fell to $81.7 from $86.50, officials said.
On the other hand, the rupee fell to 284 rupees against the dollar from 285.5 on December 1. During this period, the price of crude oil fell from 79 dollars per barrel to 73 dollars.
Therefore, there is a possibility of a reduction in the price of diesel by at least Rs.12 per liter and petrol price by at least Rs.10 per liter. .
The government is currently charging Rs 60 per liter petroleum levy, which is the maximum limit under the law.
The government had set a budget target of collecting 869 billion rupees from the petroleum levy during the fiscal year 2024 with the IMF, but now it is expected that this target will exceed 950 billion rupees by the end of June. .
It should be noted that 15 days ago, the government of Pakistan had decided to change the prices of petroleum products from November 16, 2023, as per the proposal of the Oil and Gas Regulatory Authority (OGRA).
The government revised the prices of petroleum products by reducing the price of petrol by Rs 2.4 paise per litre, after which the new price of petrol per liter became Rs 281 34 paise.
