Due to significant decrease in oil prices in global market, petroleum prices likely to reduce by Rs8 per litre for upcoming fortnight from 16 to 30 April.
As per media reports, petrol price likely to dropped by up to Rs8.27 per litre, whereas the diesel rate may see a reduction of Rs7 per litre. Likewise, a Rs7.47 per litre drop is expected in kerosene oil and a Rs7.21 per litre decrease in light diesel rate, they added.
This would be a major drop in petroleum product prices in Pakistan following a downward trend in global oil prices.
Last month, the federal government announced a R1 per litre cut in petrol prices for two weeks.
Following the cut, the petrol price was fixed at Rs254.63 per litre, reflecting a decrease from Rs255.63. However, the government kept the price of high-speed diesel (HSD) unchanged at Rs258.64 per litre.
The federal government had previously maintained petroleum prices on March 15 for the fortnight.
It should be noted that amid global trade war following the US imposition of tariff on different country, the oil prices in the international market are down due to weak demand.
