As the federal government is set to announce the new prices of petroleum products for the next fifteen days today, a reduction is expected due to the drop in international market prices.
If the government announces a cut, it will mark the third consecutive decrease in prices since July 31.
According to sources, the proposal suggests a decrease in the price of petrol by Rs 2.97 per liter, high-speed diesel by Rs 2.31 per liter, kerosene oil by Rs 1.39 per liter, and light-speed diesel by Rs 1.96 per liter. Sources indicated that the reduction is a result of falling international oil prices, with American crude oil decreasing by 3.60% to $74.69 per barrel over the past two weeks, and London Brent oil dropping by 2.34% to $74.69 per barrel.
Earlier, the federal government reduced petroleum product prices as a ‘gift’ to the people on the eve of Independence Day. The price of petrol was cut by Rs 8.47 to Rs 260.96 per liter, while high-speed diesel was reduced by Rs 6.07 per liter, bringing the new price to Rs 266.07 per liter.
On July 31, the government lowered the prices of petrol and high-speed diesel (HSD) for the following fortnight by Rs 6.17 and Rs 10.86, respectively. The Ministry of Finance issued a notification after approval from Prime Minister Shehbaz Sharif. The price of petrol was reduced by Rs 6.17 per liter, making the new price Rs 269.43 per liter. Similarly, the price of diesel was reduced by Rs 10.86 per liter, setting the new price at Rs 272.77 per liter.
