In a significant development for consumers, the federal government is expected to announce substantial reductions in petrol and diesel prices this week. The anticipated price cuts, set to take effect on August 15, 2024, come in response to recent declines in international oil prices.
Expected Price Reductions
According to forecasts, the price of petrol (MS) and High-Speed Diesel (HSD) are projected to decrease by Rs. 8.5-9.3 per liter and Rs. 9 per liter, respectively. This adjustment follows a dip in international oil prices, with crude oil, petrol, and diesel dropping to $82, $84, and $91 per barrel, respectively. The Pakistani rupee has remained stable at 278 during this period, which has also contributed to the anticipated price cuts.
Price Adjustments
Based on the current trends, it is expected that the price of HSD will fall to approximately Rs. 263.7 per liter. Petrol prices are likely to decrease to around Rs. 260-261 per liter. This follows a recent reduction where the government had previously lowered petrol prices by Rs. 6.17 per liter to Rs. 269.43, and diesel prices by Rs. 10.86 per liter to Rs. 272.77.
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