Petroleum Prices Expected to Drop from August 15

The petroleum prices in Pakistan are expected to decrease by as much as Rs 12 per liter starting from August 15, 2024.

This forecast is based on the recent fluctuations in global oil prices and insights from industry experts.

According to preliminary calculations, the price of petrol is expected to drop by over Rs 9 per liter. High-speed diesel (HSD) may see a reduction of up to Rs 8.50 per liter, while kerosene oil could become cheaper by more than Rs 12 per liter.

These price cuts come as a relief for citizens who have been grappling with rising living costs and high inflation.

Should these estimated reductions be implemented, the price of petrol would decrease from the current Rs 269.43 to Rs 257.43 per liter for the next 15 days.

The Oil and Gas Regulatory Authority (OGRA) is responsible for finalizing the adjustments in petroleum prices. The authority is expected to submit its recommendations to the government by August 15. Following this, Finance Minister Muhammad Aurangzeb, in consultation with Prime Minister Shehbaz Sharif, will make the final decision on the new prices.

Meanwhile the current, price of petrol is Rs. 269.43 per litre, while high-speed diesel (HSD) is being sold for Rs. 272.77 per litre and price of kerosene oil and light diesel oil (LDO) is Rs. 177.39 per litre.

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