Pakistan is poised to benefit from a substantial reduction in petroleum product prices, following a notable decline in global crude oil prices. Starting August 1, consumers could see prices drop by up to Rs11 per litre for various fuels.
According to informed sources, the price of petrol is expected to decrease by Rs5.50 per litre. High-speed diesel (HSD) is set to experience a more significant reduction, with prices potentially falling by Rs11 per litre. Kerosene and light diesel oil are also anticipated to become more affordable, with expected decreases of Rs5.84 and Rs5 per litre, respectively.
This adjustment comes after a 10-day period of falling global oil prices, prompting the Oil and Gas Regulatory Authority (OGRA) to consider revising local fuel prices accordingly. The new rates will be finalised today and will take effect following the approval of the prime minister.
The expected reduction in petroleum prices is a welcome development for Pakistani consumers and businesses, potentially easing inflationary pressures and providing some relief to the economy. The government’s decision to align local prices with global trends reflects its responsiveness to international market conditions and its commitment to passing on the benefits to the public.
Official notification of the new rates will follow shortly after the prime minister’s formal approval, marking a significant shift in the country’s fuel pricing in response to the global oil market dynamics.
