ISLAMABAD: Due to decline in the international market, the prices of major petroleum products petrol and high-speed diesel (HSD) are set to fall by over Rs10 per litre each on Dec 15 for the next fortnight.

Informed officials said the international prices of both HSD and petrol had declined over the past fortnight by almost 5pc while the rupee had also gained marginally against the US dollar, resulting in a reasonable drop in domestic prices to the consumers.

For price calculations, the officials said the HSD had become cheaper by about $4 per barrel on average — from about $99.50 to $95.50 — during the week while the price of petrol had come down to $81.7 from $86.5.

The rupee on the other hand also gained against the dollar to Rs284 from 285.5 on the first of Dec 1. The benchmark Brent oil during the period had dropped from $79 per barrel to $73.

Therefore, the HSD price is estimated to be cheaper by at least Rs12 per litre and that of petrol by a minimum Rs10 per litre. Kerosene and light diesel oil are also expected to fall by Rs7 and Rs13, respectively.

The government has already achieved Rs60 per litre petroleum levy the maximum permissible limit under the law.

It has set a budget target to collect Rs869bn as petroleum levy during FY24 made with the IMF but is now hoping the collection to go beyond Rs950bn by end-June.