Another massive drop expected in petrol price from Sept 1; Details inside

ISLAMABAD: In a possible relief for Pakistani consumers, petrol prices are expected to drop by Rs 5.9 per litre after the recent fall in international oil prices. If the predictions prove correct, the price of petrol may fall to Rs 255.06 per litre by August 23, 2024.

The expected decline is due to a decline in the ex-refinery price of petroleum, which has come down to Rs 170.7 per litre from Rs 176.66 per litre in the last fortnight. Additionally, High Speed ​​Diesel (HSD) prices are likely to fall by around Rs 6 per litre, reflecting a similar decline in international HSD prices.

The expected price cut is expected to provide significant relief to consumers who depend on diesel, especially for transportation and industrial use.

However, with the next price update a week away, the final rates will depend on further volatility in global oil markets and exchange rates. The updated prices will be announced on August 31, 2024 at midnight, and will be applicable until the first half of September.