ISLAMABAD: Pakistani consumers can expect relief at the fuel pump as another reduction in petrol and diesel prices is expected to be implemented from August 16.
The expected price cut comes amid a decline in international crude oil prices over the past 11 days. Global crude oil prices have seen a major decline recently, with US crude oil (WTI) falling by $5.71 per barrel, from $69.26 to $63.48. Brent crude oil prices have also fallen by $5.72, trading at $65.98 per barrel, compared to $71.70 earlier.
The Oil and Gas Regulatory Authority (OGRA) is in the process of finalizing the new petroleum prices, which will be submitted to the Finance Ministry by August 15. After approval by the federal government and the prime minister, the revised rates are expected to be implemented from August 16 and will remain effective till August 31.
The move comes after the previous price revision, where petrol prices were reduced by Rs 7.54 per litre, but diesel prices were increased by Rs 1.48 per litre till August 15.
Consumers and businesses alike are hopeful that the government will reap the benefits of the international price cuts, providing some relief amid persistent inflation and economic challenges.
The current prices are Rs 264.61 per litre for petrol (super) and Rs 285.83 per litre for diesel, with a downward adjustment expected with the new prices.
