Petrol Price in Pakistan Likely to Decrease by Up to Rs6 per Litre from September 1
In a welcome development for citizens struggling with rising inflation, petrol and diesel prices in Pakistan are expected to be reduced by up to Rs6 per litre starting September 1, 2024. This anticipated reduction comes as international oil prices have declined by $2 to $2.30 per barrel over the last two weeks.
If the government proceeds with the expected price cut, the new price for petrol will likely be around Rs254 per litre. Currently, the ex-depot price of petrol stands at Rs260.96 per litre, while diesel is priced at Rs266.07 per litre.
The drop in prices is primarily driven by the recent decrease in global oil markets, where the average price of petrol has fallen to approximately $80.40 per barrel, down from $82.50. Diesel prices have similarly decreased to around $88 per barrel from $90.30. Additionally, the premium for petrol has been reduced by 50 cents per barrel to $8.50, though the premium for diesel remains unchanged at $5 per barrel.
Moreover, the local currency has appreciated by 25 cents against the US dollar over the past two weeks, contributing to the potential price reduction.
In recent developments, the Pakistani government had already lowered petrol and high-speed diesel (HSD) prices by Rs8.47 and Rs6.70 per litre, respectively, on August 14. The total reduction in petrol prices over the last two reviews now amounts to over Rs17 per litre.
This expected price cut would provide much-needed relief to consumers amid ongoing economic challenges, particularly as fuel costs have a significant impact on the prices of goods and services across the country.
