Petroleum prices in Pakistan are expected to drop sharply, with a possible reduction of up to Rs11 per liter for petroleum products starting on August 1. This predicted price decrease follows a ten-day decline in global crude oil prices.
Reports indicate that for the next 15 days, the price of gasoline might drop by as much as Rs5.50 per liter, while the price of diesel could decrease by up to Rs11 per liter.
Kerosene is also expected to see a price drop of Rs5.84 per liter beginning on August 1, and the cost of light diesel may decrease by up to Rs5 per liter.
The new prices are expected to be calculated based on the zero exchange rate for the next 15 days. However, the government may adjust or increase tax levels to maintain current prices.
Meanwhile, the Pakistani government has decided to relinquish control over petroleum product prices, with Prime Minister Shehbaz Sharif directing the removal of government authority in setting prices.
Following the Prime Minister’s directive, the Petroleum Minister has called a crucial meeting on Thursday to discuss the matter.
The Prime Minister has instructed the Chairman of the Oil and Gas Regulatory Authority (OGRA) to assess the impact of price deregulation and develop a framework for implementation. This framework will be presented to the Prime Minister for final approval.
