ISLAMABAD – Pakistan’s motorists may soon see relief at the pump as petrol and high-speed diesel (HSD) prices are expected to decrease next week. Sources within the petroleum sector report that the federal government is likely to reduce fuel prices by Rs. 5-6 per liter starting September 1, 2024.
The anticipated price reduction comes on the heels of falling international oil prices. Current rates for petrol, HSD, and natural oil stand at $88, $80.4, and $79 per barrel, respectively. The Pakistani rupee has maintained stability against the US dollar, holding steady at 278 during this period.
Industry analysts note that the import compensation on petrol has seen a decrease of approximately 50 cents per barrel, now at $8.50. The premium on HSD remains unchanged at $5 per barrel.
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Given these market conditions, experts project petrol prices to fall to Rs. 254-255 per liter, while HSD prices are expected to decrease to Rs. 260-261 per liter.
This potential reduction follows a previous price cut implemented by the government in the last fortnight. Petrol prices were lowered by Rs. 8.47 per liter to Rs. 260.96, and diesel prices were reduced by Rs. 6.7 per liter to Rs. 266.07.
The government is expected to make an official announcement regarding the new fuel prices in the coming days. Consumers are advised to stay informed about these potential changes in fuel costs.
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