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In Islamabad, petrol and high-speed diesel (HSD) prices are poised to decrease by approximately Rs5 and Rs9 per litre, respectively, on Tuesday. This adjustment is primarily attributed to a decline in international prices and import premiums.

Sources familiar with the matter indicated that petrol and HSD prices had dipped in the international market by around $3 and $5 per barrel, respectively, over the last two weeks. Based on the final calculation of the inland freight equalisation margin (IFEM), it is anticipated that the price of petrol will decrease by Rs4.50-5.20 per litre, while HSD is expected to drop by Rs8-8.50 per litre.

The import premium for petrol has decreased by nearly 10% to $9.60 per barrel from $10.70. This marks the second consecutive bi-weekly decline from $13.50 per barrel in March. However, the rupee depreciated by approximately 45 paise against the dollar during the same period, reaching Rs278.65. As a result, the overall impact is estimated to result in a reduction of about Rs5 per litre in petrol price from the existing Rs295.

Similarly, the price of HSD decreased by about $5 per barrel, with its import premium, paid by Pakistan State Oil, remaining unchanged at $6.50 per barrel. Consequently, the HSD rate is expected to decline by Rs8 to Rs8.50 per litre, subject to final exchange rate adjustment and IFEM in pricing, from the current rate of Rs290.38 per litre at the depot stage.

Officials noted that the international market price of petrol decreased to $96.60 per barrel from $98.50, while the HSD price dropped to $97.50 from $102.90 per barrel.

Almost two weeks ago, the government had raised the price of petrol and HSD by Rs4.53 and Rs8.14 per litre, respectively, for the fortnight ending April 30.

it's worth mentioning that the government has already reached the maximum permissible limit of Rs60 per litre petroleum levy under the law for both petrol and HSD.