Petrol prices in Pakistan are anticipated to decrease by Rs 5.9 per litre, following a recent dip in international oil prices. According to price estimates leading up to August 23, 2024, this would mark the second consecutive reduction in fuel prices, potentially lowering the petrol price to Rs 255.06 per litre.The anticipated drop in prices is attributed to a decline in the ex-refinery price of petroleum, which has fallen to around Rs 170.7 per litre, down from the previous fortnight’s Rs 176.66 per litre.
This reduction reflects a broader trend of decreasing global oil prices, which have had a direct impact on local pricing.
In addition to the expected decrease in petrol prices, the government is also likely to cut the price of high-speed diesel (HSD) by approximately Rs 6 per litre. This reduction is similarly driven by a decline in the international price of HSD, further easing the burden on consumers who rely on diesel for transportation and industrial purposes.
While these estimates suggest a significant decrease in fuel costs, it is important to note that there is still a week remaining before the next pricing update.
The final prices, which will be announced at midnight on August 31, 2024, will depend on further movements in the global oil market and fluctuations in the exchange rate. The new prices will remain in effect for the first half of September.
To provide context, in the last pricing update, the government had already decreased the price of petrol by Rs 8.47, bringing it down to Rs 260.96 per litre. Similarly, the price of high-speed diesel was reduced by Rs 6.7 to Rs 266.07 per litre.
These successive reductions in fuel prices are likely to be welcomed by consumers, as they offer some financial relief amid ongoing economic challenges. The government’s decisions to adjust fuel prices in line with international market trends reflect its efforts to balance the need for revenue generation with the importance of maintaining affordability for the public.
