Petrol prices in Pakistan are expected to decrease by up to Rs 10 per litre from August 1, following a continuous decline in international oil rates, a private TV channel reported on Wednesday while quoting sources.
As per the report, officials revealed that the ex-refinery price of petrol has dropped by Rs 9.7 per litre, while high-speed diesel (HSD) has become cheaper by Rs 3.73 per litre. If approved, petrol prices will fall from the current Rs 272.25 to Rs 262.55 per litre. Diesel, which was increased by Rs 11.37 in the last review, is likely to be reduced to Rs 280.62 per litre.
International petrol prices have dipped from $75.27 to $73.19 per barrel, while the premium on petrol has also declined from $9.61 to $6.74 per barrel. Consequently, customs duties on petrol have been adjusted downwards from Rs 15.33 to Rs 14.29 per litre.
The ex-refinery rate of petrol now stands at Rs 159.66 per litre, down from Rs 168.73.
A formal price summary will be submitted to the Ministry of Finance on July 31. The new prices will take effect after approval from Prime Minister Shehbaz Sharif, followed by an official notification.
In the last fortnightly review on July 16, the government had increased petrol prices by Rs 5.36 per litre and diesel by Rs 11.37 per litre due to rising global oil prices.
