Following two consecutive increases, Pakistan is expected to see a decrease in petroleum product prices starting August 1. Recent media reports indicate that the international market has experienced a drop in petroleum prices over the past 15 days. Specifically, the cost of petrol has fallen by $2 per barrel, and diesel by $3 per barrel.
The average international price for petrol has decreased from $89.50 to $87.50 per barrel, while diesel has dropped from about $96.93 to $94 per barrel.
In line with these global trends, local sources predict that petrol prices in Pakistan might be reduced by Rs. 2.90 per litre, and diesel prices could fall by Rs. 8.50 per litre. Additionally, a new notification has removed the 0.5% extra withholding tax on petrol at the pumps. It is important to note that on July 15, the government had increased petrol prices by Rs. 9.99 per litre.
This anticipated reduction in fuel prices reflects the recent changes in the international market, offering some relief to consumers in the face of fluctuating fuel costs.
