Massive drop likely in petroleum prices in Pakistan
Shares
ISLAMABAD – The petrol price in cash-strapped Pakistan is likely to go down by Rs30 per litre in the coming days, reports in local media claimed, quoting well-informed sources in the petroleum division.
The development comes as crude oil prices plunged globally while negative trading will continue in the upcoming sessions.
Reports suggest that Pakistan is currently getting petrol at $76 to $77 per barrel while levy charges on key petroleum products are Rs50 per litre with zero sales tax.
It was reported that a final decision about revised petroleum prices will be announced after prime minister Shehbaz Sharif and finance chief Ishaq Dar’s meeting on OGRA’s recommendations.
Earlier this month, the government kept the price of petrol unchanged at Rs224.80 per litre.
The reports come on the heels as Moscow agreed to sell crude oil to a South Asian country at a discounted price as a Pakistani delegation visited Russia to negotiate the deal. Minister however did not mention the price of the discounted Russian oil.
In previous months, the incumbent government increased petrol prices in light of pre-requisites by the global lender to revive the much-needed IMF programme.
