Petroleum prices expected to drop from September 1

ISLAMABAD: Petroleum prices in Pakistan are likely to fall from September 1 for the next 15 days, sources said on Friday.

According to initial estimates, petrol prices may come down by 61 paisas per litre, bringing the new price to Rs 264.00 per litre.

High-speed diesel could see a bigger cut of Rs3.13 per litre, reducing its rate to Rs269.86 per litre.

The diesel price decrease will be a welcome relief for the transport industry and will help keep general inflation at bay, given how many goods and services are linked to transport costs.

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Kerosene oil prices are expected to drop by Rs 1.57 per litre, while light diesel oil may fall by Rs 2.61 per litre.

The development comes despite a steady rise in global crude prices over the past 13 days. British Brent crude gained $1.60 per barrel, climbing from $65.85 to $67.47, while American crude rose $1.64 to $63.62 per barrel.

Officials said OGRA would submit its price calculations to the Finance Division tonight via the Petroleum Ministry. The Ministry of Finance will issue a final notification after consulting the Prime Minister.

The federal government is likely to make the formal declaration on the night of August 31, bringing a small measure of relief to consumers already burdened by rising living costs.

The last price revision on August 16 had raised petrol to Rs264.61 per litre and diesel to Rs272.99 per litre due to higher import costs and currency pressure. Any further fluctuations in global oil prices may affect the next review.

Web Desk