Islamabad: According to Sources, the federal government has announced that the prices of petrol and diesel will be significantly reduced for the next two weeks.
A notice here says that the price of petrol has gone down by Rs0.50 per liter. Petrol now costs Rs255.63 a liter.
In the same way, the price of the high-speed diesel has gone down by Rs5.31 per liter and is now Rs258.64 per liter.
The price of diesel oil has also gone down by Rs. 3.53 per liter to Rs. 168.12.
The price of fuel is constantly changing because of trends in the foreign market and the state of the economy in the country.
On the other hand, oil prices dropped more than 1% on Friday, and they were on track for their first monthly drop since November. This was because markets were getting ready for Washington’s new tariffs and Iraq’s choice to start exporting oil from the Kurdistan region again.
Uncertainty about OPEC’s plans to start producing again in April and continuing talks to end the war in Ukraine also made investors less optimistic.
Also read: Petrol Prices Expected to Drop if Crude Oil Rates Remain Low, Says Petroleum Secretary
Late in the day, at 11:57 EST (16:57 GMT), May Brent oil futures dropped 82 cents, or 1.11%, to $72.75 a barrel. The price of a barrel of U.S. West Texas Intermediate oil fell 62 cents, or 0.88%, to $69.73.
In the past, the federal government wanted to loosen restrictions on the prices of gasoline products. However, the Pakistan Petroleum Dealers Association was against this plan.
The group wrote to the Minister for Petroleum, Musadik Malik, to say that they were worried that removing restrictions would make it easier for illegal Iranian oil and fuel to be sold in the country.
After investing billions in the field, deregulation would hurt oil dealers, the group said. As agreed upon before, they stressed that any choice should be made after talking to all the people who have a stake in it.
Oil marketing companies (OMCs) would be able to sell fuel at prices that are competitive under the suggested plan. Such an arrangement would help them get a bigger share of the market. In order to keep prices stable, a price cap would be set.
To cut down on fuel prices, the government also wants to let oil refineries mix up to 5 percent ethanol with petroleum products.
The Pakistan Petroleum Dealers Association is a group that wants the minister to speak with them about their issues.
