Govt likely to drop petrol by Rs5, diesel by Rs8 per litre

The government is expected to announce a reduction in petroleum product prices today.

Islamabad: Govt likely to drop petrol by Rs5, diesel by Rs8 per litre. Sources suggested that petrol prices could potentially decrease by Rs 5 per litre, while diesel prices may drop by Rs 8 per litre. The new prices would be effective from May 1.

The Ministry of Finance sources indicate that Ogra will forward the oil price estimations to the Ministry of Petroleum today, with the final decision to be made in consultation with the Prime Minister.

Notably, global crude oil prices have been fluctuating over the past 15 days, with today’s Brent oil market price at $88.50 per barrel.

Read More: Govt plans major change in petrol, diesel prices from May 1

This price adjustment follows a recent increase on April 16, where petrol price increased by Rs. 4.53 per litre and high-speed diesel rose by Rs 8.14 per litre.

Gasoline  is a petrochemical product characterized as a transparent, yellowish, and flammable liquid normally used as a fuel for spark-ignited internal combustion engines. When formulated as a fuel for engines, gasoline is chemically composed of organic compounds derived from the fractional distillation of petroleum and later chemically enhanced with gasoline additives. It is a high-volume profitable product produced in crude oil refineries.

The fuel-characteristics of a particular gasoline-blend, which will resist igniting too early—and cause engine knocking and reduce efficiency in reciprocating engines—are measured as the octane rating of the fuel blend; the gasoline blend with the most stable octane rating then is produced in several fuel-grades for different types of motor. Tetraethyl lead and other lead compounds are not used in modern automotive gasoline, except in aviation, off-road motor vehicles, and racing car motors.

Gasoline can enter the Earth’s environment as an un-combusted liquid fuel, as a flammable liquid, or as a vapor by way of leakages occurring during its production, handling, transport and delivery. Gasoline contains known carcinogens. Gasoline is often used as a recreational inhalant and can be harmful or fatal when used in such a manner. When burned, one liter (0.26 U.S. gal) of gasoline emits about 2.3 kilograms (5.1 lb) of CO₂, a greenhouse gas, contributing to human-caused climate change. Oil products, including gasoline, were responsible for about 32% of CO₂ emissions worldwide in 2021.