Petrol prices are predicted to drop by around Rs9 and HSD by Rs5 per litre in the next fortnightly review on June 15.
In the last two weeks, the price of gasoline and HSD has reportedly decreased by around $3.75 and $2.7 per barrel, respectively, on the global market.
On Friday, oil prices decreased as investors assessed the potential effects of longer-than-expected increases in U.S. interest rates.
At $82.33 a barrel, Brent crude futures saw a 0.5% decrease of 42 cents. WTI U.S. crude futures saw a loss of 51 cents, or 0.7%, to trade at $78.11 per barrel.
Increase in projected fuel and diesel taxes
In the meantime, a major rise in the petroleum levy on petroleum products was planned by the federal government led by the PML-N.
The government has suggested a 33 percent increase in gasoline and diesel prices, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb, who presented the federal budget for the fiscal year 2024–25.
The proposal also called for a fifty percent rise in the tax on light diesel, high-octane gasoline, and ethanol. High-octane, light diesel, and ethanol would all carry a 50 rupee fee per litre upon proposal acceptance.
