In a promising development for consumers, petrol prices in Pakistan are likely to be slashed by up to Rs10 per litre in the upcoming fortnightly price review. The expected drop is primarily due to a decline in international crude oil prices and a reduction in import premiums, offering relief amid the country’s ongoing inflationary pressures.
Global Oil Trends Lead to Local Relief
According to official sources, the ex-refinery price of petrol has seen a notable decline from Rs 168.73 to Rs 159.66 per litre, marking a reduction of Rs 9.07. A decrease in international oil prices over the past two weeks has driven this shift. The import premium—which was earlier around $9.47 per barrel—has also fallen to $7.35 per barrel. These factors collectively contribute to the potential price drop for local consumers.
Diesel Prices May Also Fall
The government plans to reduce high-speed diesel (HSD) prices by Rs2.67 per litre. The ex-refinery price for HSD has decreased from Rs 175.19 to Rs 172.52 per litre. Diesel is crucial for the transportation and agriculture sectors, and even a slight reduction could have a positive ripple effect on food and commodity prices.
OGRA Prepares Summary for Government Approval
The Oil and Gas Regulatory Authority (OGRA) is set to submit its final summary to the Ministry of Finance on July 31, after evaluating the price movement of petroleum products and factoring in the current exchange rate and tax levies. The Prime Minister will approve the final decision, which may include revisions based on government levies or subsidies, before making it official.
Read Also: Punjab Govt Offers Rs. 100,000 for Turning Petrol Bikes Electric
A Possible Break for Consumers
If the government proceeds with the full recommended reduction, the price of petrol could drop by nearly Rs10 per litre, easing the financial burden on motorists and public transport users alike. This will also be the second consecutive relief in petrol prices, following recent adjustments earlier in July.
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