Consumers in Pakistan are expected to receive much-needed relief at the fuel pumps, as petroleum prices are likely to decrease from August 1, according to reliable sources.
The ex-refinery price of petrol is anticipated to drop by Rs9.7 per litre, while high-speed diesel (HSD) may see a reduction of around Rs3.73 per litre. The expected decline comes amid a global fall in crude oil prices, as well as a reduction in premium charges and customs duties.
Industry insiders reveal that the international price of petrol per barrel has declined from $75.27 to $73.19, while the premium on petrol has dropped significantly from $9.61 to $6.74 per barrel. In addition, the customs duty has been lowered from Rs15.33 to Rs14.29 per litre.
As a result of these shifts, the ex-refinery price of petrol is now projected to fall from Rs168.73 to Rs159.66, opening up space for a price reduction – assuming other cost components remain stable.
Read More: Citizens to Earn Cash for Going Green in Punjab
Sources indicate that the final pricing is still under review and will incorporate currency exchange rate adjustments, which could result in additional reductions. The finalized figures will be submitted to the Ministry of Finance by July 31, after which a formal decision will be taken.
Although a price cut appears likely, the Ministry of Finance will weigh the impact on revenue targets, and the final decision will be subject to the Prime Minister’s approval. However, sources caution that any increase in the petroleum levy could diminish the expected relief for consumers.
The official announcement is expected on the evening of July 31, with millions of Pakistanis waiting to see whether the global dip in oil prices will finally translate into domestic savings at the pump.
