Economy

Petrol and Diesel Prices May Decrease as Global Crude Oil Costs Dip

In a potential relief for consumers grappling with high inflation, 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 cut comes in response to a recent decline in global crude oil prices, which have fallen by $2 to $2.30 per barrel.

Petrol prices in Pakistan expected to drop by Rs5.9 per litre

Industry sources suggest that under the new rates, petrol prices could drop from Rs260.96 to Rs254 per litre, while the cost of high-speed diesel (HSD) may decrease from Rs266.07 to Rs261 per litre.

As of now, there has been no official confirmation from the federal government or the Oil and Gas Regulatory Authority (OGRA) regarding these potential new rates.

OGRA is set to review the prices on August 31 and will then submit its recommendations to the government for final approval.

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