ISLAMABAD – After weeks of soaring fuel trends, some relief may finally be emerging for motorists as global crude oil prices take a downward turn. With international markets cooling off, OGRA sources have hinted at a possible reduction in petrol and diesel prices from August 5.
From August 5, price of petrol is likely to drop by Rs3.39 per litre, while high-speed diesel may see a reduction of Rs4.07 per litre in the upcoming price revision.
The expected cut comes after a decline in international oil markets, where both major crude benchmarks recorded significant losses. WTI crude oil dropped by 3.50% to $77.23 per barrel, while Brent crude fell by 2.76% to $81.46 per barrel.
Expected Petrol, Diesel Prices
| POL | Current Price | Expected Cut | Expected Price |
|---|---|---|---|
| Petrol | Rs331.95 | Rs3.39 | Rs328.56 |
| Diesel | Rs389.93 | Rs4.07 | Rs385.86 |
The decline in international crude prices has raised expectations of lower fuel costs in Pakistan, where petroleum prices are revised every fortnight based on global oil rates, exchange rate movements, and other factors.
A reduction in fuel prices could provide some relief to transporters, businesses, and ordinary consumers by lowering travel and transportation expenses.
However, sources said the final adjustment will depend on the latest international market trends, the rupee-dollar exchange rate, and other pricing factors. The official announcement of the new petroleum prices will be made by OGRA after approval from the relevant authorities.
