Petrol and HSD Prices Set to Decrease June 15 Review Update
In the upcoming fortnightly review of prices on June 15, petrol is expected to go down by about Rs9 and HSD by Rs5 per litre.
According to sources, the prices of petrol and HSD had declined in the international market by about $3.75 and $2.7 per barrel, respectively, in the last two weeks.
Oil prices eased on Friday as markets evaluated the impact of U.S. interest rates staying higher for longer than anticipated.
Brent crude futures were down 42 cents, or 0.5%, at $82.33 a barrel. West Texas Intermediate (WTI) U.S. crude futures lost 51 cents, or 0.7%, to trade at $78.11 a barrel.
Hike in levy on petrol, diesel proposed
Meanwhile, the PML-N-led federal government proposed a significant increase in the petroleum levy on petroleum products.
Presenting the federal budget for the fiscal year 2024-25, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said that the government proposed an increase of 33 per cent on petrol and diesel.
Finance Minister Aurangzeb unveils federal budget for FY 2023-24
Similarly, the proposal sought a 50 per cent increase in the levy on high-octane, light diesel, and ethanol has been increased. After approval of the proposal, Rs 50 would be charged per litre of high-octane, light diesel, and ethanol.
