Prices of petroleum products likely to slide by Rs5.45 per liter from March 1

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Prices of petroleum products could decrease by a further Rs 5.45 per liter from March 1.

According to sources, petrol price could go down by Rs 4.61 per liter, high speed diesel by Rs 5, high octane by Rs 5.45, keronese oil by Rs 4.72, while the price of light speed diesel is likely to be reduced by Rs 5.10 per liter.

Sources further said that the fall in petroleum prices will be due to Pakistan’s recent agreements but the prices could go up from April if tax ratio remains unchanged.

On the contrary, the price of Arab Light Crude Oil increased by $7 per barrel from January 1, thus, the petroleum and finance ministries of Pakistan have opposed reduction in prices from March 1.

Earlier on January 31, the government announced a reduction in the prices of petroleum products by Rs 5 per liter. Currently, petrol is available at Rs 71.25 per liter and high speed diesel at Rs 75.79.

The government is still bagging Rs 25 in taxes and levies on every liter of petrol.