The price of petroleum products in Pakistan is expected to decrease from August 1, 2024, for the first half of the month, pending government approval.
Industry sources indicate a potential reduction of Rs 5.50 per litre for petrol, bringing the price down to Rs 270.10 per litre from the current Rs 275.60.
Similarly, high-speed diesel (HSD) may see a significant reduction of Rs 11.06 per litre, lowering its price to Rs 272.57 from Rs 283.63 per litre. Kerosene oil is projected to decrease by Rs 5.84 per litre, setting the new price at Rs 177.87 per litre, while light diesel oil (LDO) could drop by Rs 5.07 per litre, resulting in a new price of Rs 161.18 per litre.
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The proposed price cuts are influenced by various factors, including a recent decline in global oil prices. The price of a barrel of Brent oil has decreased to $79.35 on the London ICE exchange, while the price of Light oil on the New York NYMEX exchange has fallen to $75.35.
The final decision will depend on the government’s assessment of the financial implications for the energy sector.