ISLAMABAD: Petrol prices in Pakistan is likely to witness a significant reduction in petroleum product prices from August 1, following a decline in global oil prices.
Petrol prices are expected to decrease by up to Rs5.50 per litre, while high-speed diesel (HSD) could see a reduction of up to Rs11 per litre. Kerosene is likely to become cheaper by Rs5.84 per litre, and light diesel oil may drop by Rs5 per litre.
The new rates will be finalized today pending approval from the Prime Minister.
Previously, petrol and HSD prices increased by Rs7.45 and Rs9.56 per litre on June 30. This was followed by an increase of Rs9.99 and Rs6.18 per litre for petrol and HSD, respectively, on July 16.
Between May 1 and June 15, the prices of both products decreased by approximately Rs35 and Rs22 per litre, respectively.
The government has raised the maximum limit of the petroleum levy to Rs70 per litre in the current Finance Bill.
