ISLAMABAD - Prices of petroleum products could be decreased further by up to Rs5.45 per litre from March 1.

According to sources, petrol price could go down by Rs4.61 per liter, high speed diesel Rs5, high octane Rs5.45, keronese oil Rs4.72 and price of light speed diesel is likely to be reduced by Rs5.10 per liter.

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

On the contrary, 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 prices of petroleum products by Rs5 per liter. Currently, petrol is available at Rs71.25 per liter and high speed diesel at Rs75.79.

The government is still bagging Rs25 in terms of taxes and levies on every liter of petrol.