The prices of petrol and high-speed diesel (HSD) are expected to be slashed up to Rs8.03 per litre due to a decline in international oil prices and premium rates, fortnight starting from May 1, 2024.

According to an estimate, the federal government is expected to decrease the price of petrol by Rs4.88 per litre and HSD by Rs7.37 per litre in the petroleum price review for May 1-15, 2024. The rate of kerosene oil is also expected to be slashed by Rs8.03 per litre, and light diesel oil (LDO) by Rs5.37 per litre.

The premium rate on petrol has fallen to $9.60 per barrel and remains stagnant at $6.50 per barrel for HSD. The government is charging Rs60 per litre petroleum levy (PL) on petrol and HSD but kept general sales tax (GST) at zero.

The Oil and Gas Regulatory Authority (OGRA) is scheduled to submit its recommendations to the Finance Division for petroleum product prices on April 30, 2024, for consideration.

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The expected price of petrol is Rs289.06 instead of Rs293.94 per litre, and the new price of HSD will be Rs283.01, down from Rs290.38 per litre.

The price of kerosene oil is expected to decrease from Rs193.08 to Rs185.05 per litre, and LDO price is likely to drop to Rs168.97 from Rs174.34 per litre.

In the last fortnightly review of petroleum prices on April 15, the federal government raised the price of petrol by Rs4.53 per litre, and the price of HSD was increased by Rs8.14 per litre.