Petroleum product prices in Pakistan are expected to decline further today.
According to sources in the Oil and Gas Regulatory Authority (OGRA), the price of petrol is likely to be reduced by Rs3.39 per litre for August 5, while high-speed diesel is also expected to become Rs4.07 per litre cheaper.
The working paper reportedly estimates the new petrol price at Rs328.56 per litre, while the price of diesel is expected to fall to Rs385.86 per litre following the proposed reduction.
It is worth noting that the government also announced a reduction in petroleum prices a day earlier.
Under the previous revision, the price of petrol was reduced by Rs4.08 per litre, while diesel was cut by Rs2.45 per litre.
On the other hand, Oil prices fell by around 4% on Tuesday to a three-week low after comments by Qatar and U.S. Treasury Secretary Scott Bessent raised hopes for a diplomatic resolution to the Middle East conflict, which would improve oil flows through the Strait of Hormuz.
Front-month Brent futures fell $3.11, or 3.71%, to $80.66 a barrel by 1159 GMT after hitting a session high of $86.33.
U.S. West Texas Intermediate (WTI) crude was down $3.58, or 4.46%, at $76.76 a barrel after touching a session high of $82.33.
Both contracts fell to their lowest levels since July 13.
