Petrol and diesel prices in Pakistan are expected to drop by up to Rs. 9.7 per litre from August 1, driven by a decline in international crude oil prices, sources have revealed.
The ex-refinery price of petrol is set to decrease from Rs. 168.73 to Rs. 159.66 per litre, while high-speed diesel may see a reduction of Rs. 3.73 per litre. This follows a dip in the global petrol price from $75.27 to $73.19 per barrel. In addition, the premium on petroleum has fallen from $9.61 to $6.74 per barrel.
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Customs duties on petrol have also gone down from Rs. 15.33 to Rs. 14.29 per litre, contributing further to the expected price cut. However, officials noted that adjustments based on currency fluctuations are still under review.
The final pricing proposal will be submitted to the Ministry of Finance on July 31, which will weigh in its revenue targets before issuing the official rates after approval from the prime minister. Any increase in the petroleum levy could reduce the extent of relief offered to consumers.
Earlier this month, petrol and diesel prices were hiked twice, with the latest increase on July 16 pushing petrol to Rs. 272.15 and diesel to Rs. 284.35 per litre amid global market volatility.
