Petrol prices likely to reduce by Sep 1; Check rates here

ISLAMABAD: Federal government is expected to announce a reduction in the prices of petroleum products by up to Rs6 per litre for the upcoming fortnight starting from September 1, 2024, sources said.

Shehbaz-led government is likely to reduce petrol prices by Rs5 per litre while diesel price is expected to get a reduction of Rs6 per litre in an effort to provide relief to inflation-hit masses.

The decision to lower petroleum products follows a recent decrease in crude oil prices in the global market, which has seen a drop by $2 to $2.30 per barrel. Moreover, the Pakistani Rupee has also seen stability against the US dollar in the last 9 days.

Sources within the OGRA have said that the dip will likely see the price of petrol decrease from Rs260.96 to Rs254 per litre, while high-speed diesel (HSD) may drop from Rs266.07 to Rs261 per litre.

According to the details, the final summary of the fortnightly review of petrol prices will be sent to the government for final approval on August 31 after reviewing the global crude oil prices by August 30.