Due to a decline in international oil prices over the current fortnight, the prices of MS petrol and High-Speed Diesel (HSD) are anticipated to fall next week.

The federal government is expected to reduce the prices by Rs. 4.5 per liter for petrol and Rs. 4 per liter for diesel, effective May 31, 2024.

During the review period, the Pakistani rupee remained stable at 278 against the dollar. Consequently, the price of HSD is likely to decrease to Rs. 270.08 per liter, while the price of MS petrol is expected to drop to Rs. 268.6 per liter.

In the previous fortnightly review on May 15, the government had already reduced the price of petrol by Rs. 15.39 per liter and the price of high-speed diesel by Rs. 7.88 per liter.

It is important to note that the federal government is considering implementing a carbon tax on petroleum products or increasing the petroleum levy up to Rs. 100 per liter in the forthcoming budget.

This consideration comes as the International Monetary Fund (IMF) urges for an integrated general sales tax (GST) to achieve the benefits of a value-added tax (VAT) for better documentation and digitization.

These measures reflect the government’s ongoing efforts to balance economic factors while meeting international fiscal obligations.

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