ISLAMABAD: The prices of petrol and high-speed diesel in Pakistan are likely to see a major decrease from September 16, following a trend of declining inflation rates and global oil prices, local media reported.
The expected price cut, which marks the fourth consecutive fortnightly adjustment, will see petrol and high-speed diesel prices slashed by Rs12 per litre each. Additionally, the price of kerosene oil is expected to decrease by Rs8 per litre. This reduction comes in the wake of a continued decrease in international oil prices and a lower inflation rate domestically.
The final decision on the price adjustment will be made after evaluating fluctuations in the international oil market between September 12 and 14. The new rates will be officially implemented from September 16.
In the previous fortnightly update, the government had reduced petroleum prices modestly. Petrol was lowered by Rs1.86 per litre, bringing the price to Rs259.10, while high-speed diesel saw a reduction of Rs3.32 per litre, now priced at Rs262.75.
The recent drop in global oil prices has been driven by several factors. On Tuesday, Brent crude futures settled at $69.19 per barrel, marking their lowest level since December 2021. This represents a decrease of $2.65, or 3.69%. US West Texas Intermediate (WTI) crude also saw a decline, settling at $65.75 per barrel, down by $2.96, or 4.31%.
