ISLAMABAD – Pakistani consumers can expect relief at the fuel pump as another reduction in petrol and diesel prices is expected to take effect from August 16.
This anticipated price cut comes amid drop in international crude oil prices over past 11 days. Global crude prices have shown major drop recently, with US crude oil (WTI) falling by $5.71 per barrel, from $69.26 to $63.48. Brent crude oil prices have similarly decreased by $5.72, now trading at $65.98 per barrel compared to $71.70 previously.
Oil and Gas Regulatory Authority (OGRA) is in the process of finalizing new petroleum prices, which will be submitted to the Ministry of Finance by August 15. Once approved by the federal government and the Prime Minister, the revised rates are expected to be implemented from August 16 and remain valid until August 31.
This move comes after the previous pricing revision, where petrol prices were reduced by Rs7.54 per litre, but diesel rates were increased by Rs1.48 per litre until August 15.
Consumers and businesses alike are hopeful that the government will pass on the benefits of the international price decrease, providing some relief amid persistent inflation and economic challenges.
Current prices stand at Rs264.61 per litre for petrol (Super) and Rs285.83 per litre for diesel, with the new prices expected to reflect a downward adjustment.
