Islamabad, 29 May 2024, (GNP): Among a decrease in global raw oil prices, petrol price in Pakistan is expected to decrease by Rs5.50 per litre starting June 1, for a period of 15 days.
According to sources, the price of high-speed diesel (HSD) may be decrease Rs 4.30 per litre, while the price of light diesel oil (LDO) is expected to drop by Rs5.08 per litre.
They said that kerosene oil is expected to decrease by Rs2.15 per litre over the same period.
Sources indicate that the decrease in global raw oil prices will be passed on to the public. The Oil and Gas Regulatory Authority (OGRA) will submit its summary to the government on May 31, based on the international market trends.
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Prime Minister Shehbaz Sharif will give the final approval for the new prices. The Ministry of Finance will then issue an official notification concerning the revised rates.
Meanwhile, the price of liquefied petroleum gas LPG also saw a substantial drop, with more reductions expected next week.
According to Irfan Khokhar, Chairman of the LPG Distributors Association, a dispute between local distributors and importers has led to the price falling from Rs250-240 per kg to Rs180-190 per kg.
He stated that as three ships carrying imported LPG arrived at Karachi port, OGDC reduced production costs.
Another ship is expected to arrive in Pakistan within two to three days, likely prices will be further decreased.
Irfan Khokhar criticized OGDC for decreasing prices only to favor a few individuals. He claimed OGRA had set the price at Rs238 per kg, but the LPG mafia had been selling it for Rs240-250 per kg, with OGRA and other authorities remaining silent.
He stated that OGDC decreased the production cost to Rs130,000 per metric ton from Rs162,000 per metric ton, filling all LPG storage. Consequently, LPG prices are expected to drop more next week.
