Petroleum Prices to Drop in Pakistan from August 1

Pakistan is expected to see a significant decrease in petroleum product prices from August 1, following a decline in global oil prices.

Price Reduction

Petroleum prices are likely to decrease by up to Rs11 per litre, with petrol prices dropping by Rs5.50 per litre and high-speed diesel (HSD) by up to Rs11 per litre.

Other Products

Kerosene is expected to become cheaper by Rs5.84 per litre, while light diesel oil may decrease by Rs5 per litre.

New Rates

The new rates will be finalized today after receiving the prime minister’s approval.

Previous Increases

Petrol and HSD prices had increased by Rs7.45 and Rs9.56 per litre on June 30, followed by another increase of Rs9.99 and Rs6.18 per litre on July 16.

Previous Decreases

Between May 1 and June 15, prices had reduced by about Rs35 and Rs22 per litre for petrol and HSD, respectively.

Petroleum Levy

The government has increased the maximum limit of petroleum levy to Rs70 per litre in the current Finance Bill.

Conclusion

The expected decrease in petroleum prices will bring relief to consumers. The government’s move to adjust prices according to global oil prices is a positive step. However, the increased petroleum levy may offset some of the benefits.

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