Petrol and diesel prices are anticipated to decrease next week due to a drop in international oil prices. The federal government is likely to reduce the prices of MS petrol and High-Speed Diesel (HSD) by Rs. 5-6 per liter, marking the third consecutive fortnightly reduction, effective September 1, 2024.
This expected decrease is based on the recent decline in international prices for HSD, petrol, and crude oil, which have fallen to $80.4, $88, and $79 per barrel, respectively. During this period, the Pakistani rupee remained stable at 278 against the US dollar. Over the last two weeks, the import premium on petrol dropped by about 50 cents per barrel to $8.50, while the premium on HSD remained steady at $5 per barrel.
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Given these factors, the price of HSD is expected to decrease to Rs. 260-261 per liter in Pakistan, while the price of MS petrol is likely to drop to Rs. 254-255 per liter.
In the previous fortnight, the government had already reduced the price of petrol by Rs. 8.47 per liter, bringing it down to Rs. 260.96 per liter. Similarly, the price of diesel was lowered by Rs. 6.7 per liter, setting it at Rs. 266.07 per liter.
