KARACHI – The prices of all petroleum products are estimated to go down from tomorrow (March 1) in light of the decline of crude oil in the international market.
The coalition government is expected to cut fuel prices to pass on the global drop to consumers as the cash-strapped country is experiencing record fuel prices in recent times.
The price of high-speed diesel is expected to be cut around Rs20 to Rs260 per litre while price of petrol is likely to be slashed by Rs7 to Rs264.30 per litre compared to the current price of Rs272 per litre.
Kerosene oil is also expected to go down over Rs20 per litre to Rs179.75 and light diesel oil by Rs13 per litre, per reports.
If government adds a general sales tax (GST) on diesel, it may keep the price unchanged for the next fortnight.
The government earlier mulled increasing the petroleum levy on diesel from the next months to deal with revenue shortfall amid the economic meltdown. The petroleum levy on diesel is likely to go up to Rs50 per litre, which is currently at Rs40 per litre.
Earlier this month, Sharif-led government made a sharp increase in fuel prices on the basis of rupee depreciation. The price of petrol was increased by Rs 22.20 per litre to Rs 272.
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