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Petroleum prices likely to drop by Rs 2.98/litre

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ISLAMABAD: The prices of petroleum, oil and lubricants (POL) are likely to be slashed by up to Rs 2.98 per litre with the start of May, if the impact of declining trend in the price of crude oil in global oil market and depreciation in the value of dollar is passed on to the consumers, it has been learnt.
According to the estimation made so far by the quarters concerned, the POL prices are expected to be scaled down in the next month under a monthly oil price review mechanism. The step will give some respite to the inflation-hit Pakistanis. The final decision to this effect will be made by the Finance Ministry on April 30. “The POL prices are to go down with the dollar’s depreciation against the rupee and decline in crude price in global market,” a senior official at the Finance Ministry said. A significant cut in petrol and diesel prices would decrease the inflation, he claimed.
Due to the declining trend in the price of crude oil in the international market, coupled with depreciating value of US dollar, per litre price of petrol is estimated to see a decrease of up to Rs 2.98; high speed diesel (HSD), Rs 2; high octane blended component (HOBC), Rs 2.65; kerosene oil, Rs 1.95, and light diesel oil (LDO), Rs 1.35, sources in the Petroleum Ministry said.
The Oil and Gas Regulatory Authority (OGRA) would hold consultations with the oil marketing companies on April 28 to work out per litre price of POL products for the next month, the sources said. OGRA would reportedly submit a related summary to the ministries of finance and petroleum for final approval of the government. Economic experts say the government should consider substantial cut in the prices of petroleum products for the month of May in the backdrop of downslide in the value of US dollar.

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