Petrol and diesel prices in Pakistan are expected to go down from August 1, bringing possible relief to consumers across the country. According to industry sources, the expected drop in fuel prices is due to lower global oil prices, reduced premiums, and a cut in customs duty.
The ex-refinery price of petrol may decrease by Rs9.7 per litre, while high-speed diesel (HSD) could become cheaper by Rs3.73 per litre. This change follows a dip in the international petrol price, which has fallen from $75.27 to $73.19 per barrel. In addition, the premium on petrol has gone down from $9.61 to $6.74 per barrel. Customs duty has also reduced from Rs 15.33 to Rs 14.29.
With these changes, the ex-refinery price of petrol is expected to come down from Rs 168.73 to Rs 159.66 per litre. If all other factors remain steady, this could mean lower prices for consumers at the petrol pump.
Sources also suggest that the exchange rate may lead to further price cuts, depending on currency adjustments. However, the final price changes will only be confirmed after the complete pricing breakdown is sent to the Ministry of Finance on July 31.
The Ministry of Finance will then review the report and make a final decision after getting approval from the prime minister. However, officials warn that any increase in the petroleum levy could cancel out the expected relief and lead to smaller price cuts or no change at all.
The final fuel prices will be announced on the night of July 31. Many people in Pakistan are eagerly waiting to see if they will get some financial relief as global oil prices continue to decline.
