For the third consecutive fortnight, the prices of major petroleum products, including petrol and high-speed diesel (HSD), are expected to decrease by around Rs 5-6 per litre in Pakistan.
This anticipated reduction comes in response to a decline in global oil prices and favorable changes in the exchange rate.
In the international market, the price of oil has dropped by $2 to $2.30 per barrel over the past two weeks. The average price of petrol has fallen to approximately $80.40 per barrel from $82.50, while the price of HSD has decreased to about $88 per barrel from $90.30. Additionally, the import premium on petrol has decreased by 50 cents per barrel, while the premium on HSD has remained steady.
The local currency has also gained 25 cents against the US dollar during the same period, further contributing to the expected reduction in petroleum product prices.
Currently, the ex-depot price of petrol is Rs 260.96 per litre, and HSD is priced at Rs 266.07 per litre. In the previous pricing review on August 14, the government had already reduced the prices of petrol and HSD by Rs 8.47 and Rs 6.70 per litre, respectively. Over the last two fortnights, the cumulative reduction in petrol and HSD prices has been Rs 14.64 and Rs 17.56 per litre, respectively.
This upcoming decrease follows earlier adjustments, including a reduction of Rs 6.17 and Rs 10.86 per litre on July 31. Prior to these decreases, there had been a significant increase in prices by Rs 17.44 and Rs 15.74 per litre for petrol and HSD, respectively, in the first fortnight of July. Between May 1 and June 15, the prices of petrol and HSD were reduced by approximately Rs 35 and Rs 22 per litre.
