Karachi, July 31, 2024: Due to a decline in global oil prices, Pakistan is expected to witness a substantial decrease in petroleum prices from August 01 [Tomorrow].
Petroleum prices are likely to decrease by up to Rs11 per litre in the next fortnight. Specifically, petrol prices may drop by Rs5.50 per litre, while high-speed diesel (HSD) could see a reduction of up to Rs11 per litre.
Kerosene is expected to become cheaper by Rs5.84 per litre, and light diesel oil may decrease by Rs5 per litre.
The new rates will be finalized today after approval from the Prime Minister of Pakistan.
Previously, petrol and HSD prices had increased by Rs7.45 and Rs9.56 per litre, respectively, on June 30. This was followed by further increases of Rs9.99 and Rs6.18 per litre for petrol and HSD, respectively, on July 16.
Between May 1 and June 15, the prices of both products had decreased by about Rs35 and Rs22 per litre, respectively.
The government has raised the maximum limit of the petroleum levy to Rs70 per litre in the current Finance Bill.
