Following two consecutive increases in fuel prices, Pakistan is expected to see a reduction in petroleum product prices starting August 1. Recent international market trends indicate a drop in petroleum prices over the last 15 days.
Specifically, the global price of petrol has decreased by $2 per barrel, while diesel has fallen by $3 per barrel. The average price of petrol internationally has gone down from $89.50 to $87.50 per barrel, and diesel has dropped from around $96.93 to $94 per barrel.
In response to these global price shifts, it is anticipated that petrol prices in Pakistan may be reduced by Rs. 2.90 per liter, and diesel prices could fall by Rs. 8.50 per liter. Additionally, a recent notification has announced the removal of the 0.5% extra withholding tax on petrol at pumps.
This upcoming price adjustment follows a significant increase in petrol prices by Rs. 9.99 per liter on July 15. The anticipated decrease is viewed as a measure to provide some relief to consumers amid the volatile fuel market.