Govt to reduce petrol prices by around Rs17/litre for next fortnightly

July 14, 2022 (MLN): In the backdrop of a decline in oil prices in the international market, the coalition government has decided to pass on some relief to the local consumer of petrol as well. As per which, the petrol and diesel prices will likely to see a cut of Rs17 and Rs10 per litre, respectively for the next fortnightly.

As per the latest development, the Ministry of Finance has received the summary of petroleum product prices and the new prices for the next fifteen days will be announced today.

Earlier, Prime Minister Shehbaz Sharif sought a summary from the ministries of finance and petroleum for the reduction in prices of petroleum products in view of decreasing the oil price in the global market.

However, the petroleum levy, imposed by the government in the previous fortnightly review will likely remain intact. At present, the levy on petroleum stood at Rs10 per litre, while five rupees per litre are charged on high-speed diesel, kerosene oil and light diesel in terms of a levy.

It is pertinent to mention that the coalition government has raised the petrol prices by a whopping Rs98 per litre since May 26, 2022, and for the first time in three months, it is considering to drop the petrol prices.

Brent crude and Crude Oil-WTI are being traded at $97.65 and $94.02 per barrel [3:31 PST]. Oil prices have tumbled in the past two weeks on recession concerns despite a drop in crude and refined products exports from Russia amid Western sanctions and supply disruption in Libya.

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