After the federal government decreased the fuel price twice in previous revisions, prices of petroleum products are anticipated to go down again on August 31, for the third consecutive fortnight.
The Anticipation
According to recent reports, a significant drop in international oil prices has paved the way for a reduction of approximately Rs. 5-6 per liter in domestic fuel prices.
The decline in global oil markets, coupled with favorable exchange rates and tax structures, has contributed to this anticipated price adjustment. The international price of petrol and high-speed diesel (HSD) has fallen by $2 to $2.30 per barrel over the past two weeks. This translates to a projected reduction of Rs5 to 5.50 per liter in Pakistan.
The government’s decision to set a maximum petroleum levy limit of Rs70 per liter has also played a role in mitigating the impact of rising fuel costs. This limit aims to ensure that consumers aren’t burdened with excessive taxation.
While the exact price reduction may vary slightly depending on final calculations and government decisions, a decrease in fuel prices would undoubtedly provide some relief to Pakistani households and businesses. It could help alleviate inflationary pressures and boost economic activity.
Current Petrol Price
Earlier, the government took the decision to adjust fuel prices on August 13, two days before the scheduled time of revision. we believe that the government made this positive move in celebration of the 77th Independence Day.
Petrol and diesel prices were slashed by Rs. 8.47 and 6.70 per litre taking it to the new Rs. 260.96 and Rs. 266.07 per litre, respectively.
it’s important to note that the situation remains dynamic, and global oil markets are subject to fluctuations. Any unexpected developments, such as geopolitical tensions or changes in demand, could impact future price trends.
What do you think about the expected reduction in petrol prices? Drop your thoughts in the comments section.
