After two consecutive price hikes, there is an expectation that the prices of petroleum products in Pakistan will decrease starting August 1. According to media reports, the international market has seen a decline in the prices of petroleum products over the past 15 days.
Specifically, the price of petrol has dropped by $2 per barrel, while diesel has seen a $3 per barrel decrease.
In the international market, the average price of petrol has fallen from $89.50 to $87.50 per barrel, and diesel has decreased from approximately $96.93 to $94 per barrel.
Based on these global trends, sources suggest that petrol prices in Pakistan could be reduced by Rs. 2.90 per liter, and diesel prices might decrease by Rs. 8.50 per liter.
Additionally, a notification has been issued to remove the 0.5% additional withholding tax on petrol at pumps. It is worth noting that on July 15, the government had increased the price of petrol by Rs. 9.99 per liter.
This anticipated reduction in prices is seen as a response to the recent changes in the international market, providing some relief to consumers amidst fluctuating fuel costs.
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