Petrol Price Drop in Pakistan Starting Soon
Possible Relief as Petrol and Diesel Prices Set to Fall
In a welcome development for inflation-burdened citizens, the federal government, led by Prime Minister Shehbaz Sharif, is expected to announce a reduction in petrol and diesel prices by up to Rs6 per litre for the first half of September 2024. This anticipated decrease is due to a significant drop in global crude oil prices, which have fallen by $2 to $2.30 per barrel.
Expected New Rates and Review Process
Industry sources suggest that petrol prices could decrease from Rs260.96 to Rs254 per litre, while high-speed diesel (HSD) may see a reduction from Rs266.07 to Rs261 per litre.
However, as of now, there is no official confirmation from the federal government or the Oil and Gas Regulatory Authority (OGRA) about these new rates. OGRA is set to review the prices on August 31 and will submit their proposal to the government for final approval.
Current Fuel Prices
Currently, petrol is priced at Rs260.96 per litre, a rate that was established in mid-August following an Rs8.47 reduction ahead of Pakistan’s Independence Day celebrations.
