ISLAMABAD – Motorists across Pakistan could see a significant drop in petrol prices from August 16, with estimates suggesting a reduction of nearly Rs. 8 per litre. The anticipated cut follows a steady decline in global oil prices over the past fortnight.
According to market analysts, both US crude and Brent crude have fallen by more than $5 per barrel in recent weeks. The drop in international rates, coupled with a slight decrease in the import premium on petrol, has opened the door for a notable price adjustment in the domestic market.
If approved, the new rates will remain in effect until the end of August. The final decision is expected on August 15, when the federal government announces its bi-monthly fuel price revision.
Currently, petrol is being sold at Rs. 264.61 per litre, while high-speed diesel (HSD) is priced at Rs. 285.83 per litre. In the previous review, petrol prices were cut by Rs. 7.54, although diesel saw a marginal increase.
Industry experts say the latest fall in global oil prices could translate into one of the most substantial petrol price drops in recent months offering some much-needed relief to motorists and transporters, who have been grappling with persistently high fuel costs.
