KARACHI: The price of petrol is likley to drop by up to Rs10 per litre in the upcoming fortnightly review of petroleum product prices, industry officials said on Monday. They said that the ex-refinery price of petrol is showing a decline of Rs10-12 for the next fortnight, however the exchange rate adjustment may allow the government to only pass on up to Rs10 per liter. “The ex-refinery price of diesel is showing Rs4-5 per liter decurese for the next review of prices and the government may pass on this impact in the next fortnightly review,” an industry odfficial said.
During the previous price review, the government reduced the price of diesel by Rs.30, resulting in a decrease from Rs.288 to Rs.258 per litre. Similarly, the price of petrol was lowered by Rs12 to Rs270 from Rs282 per litre.
Officials said the global oil prices didn’t reflect any major decline and slightly increased whereas the exchange rate in interbank didn’t witness any major fluctuation during the fortnightly. The government has been under pressure to reduce petroleum prices, which have been rising steadily in recent months. The recent decline in global oil prices has provided some relief, but the government is still facing a challenge in keeping prices down. The new petroleum prices will be announced on May 31.