Consumers in Pakistan may soon get a big relief at fuel stations as petrol prices are expected to drop by nearly Rs. 8 per litre from August 16. The possible price cut comes after a significant fall in global oil rates over the past two weeks.
Market watchers say the decline in both US crude and Brent crude prices is the main reason behind the expected reduction. US crude has slipped by more than $5 per barrel, while Brent crude has seen a similar drop, making fuel cheaper for importing countries like Pakistan.
If approved, the new rates will stay in effect until the end of August. The federal government is set to announce the final decision on August 15. This move could offer some relief to the public, who have been dealing with high fuel prices for months.
Currently, petrol is selling at Rs. 264.61 per litre, while high-speed diesel (HSD) costs Rs. 285.83 per litre. Experts believe the lower international rates, along with a small cut in the import premium on petrol, will make it possible to reduce prices at home.
In the last fortnight, petrol prices were already reduced by Rs. 7.54, but diesel saw a small increase. Now, with the latest drop in international oil prices, a more noticeable cut is on the cards.
If the changes are implemented, this will mark one of the biggest petrol price drops in recent months, giving some breathing space to both motorists and transporters as they head into the last weeks of August.
