ISLAMABAD: Pakistan is likely to witness a significant reduction in fuel prices, with a potential decrease of up to Rs11 per liter for petroleum products beginning from August 1, local media reported.
The price drop comes in response to a recent decrease in international crude oil prices over the past 10 days.
According to media reports, the price of petrol could be decreased by up to Rs5.50 per liter for the next fortnight, while diesel prices may see a decline of up to Rs11 per liter.
Kerosene is also likely to become cheaper, with a potential reauction of Rs5.84 per liter starting August 1. Light diesel prices are also expected to be reduced by up to Rs5 per liter.
Sources suggest that the new prices will be calculated based on the exchange rate for the next 15 days. However, the government may increase or adjust tax levels to maintain current prices.
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The anticipated price reductions would bring relief to consumers grappling with high fuel prices.
On July 15 the government had increased the prices of petroleum products for the next fortnight. The petrol price was increased by Rs 9.99 per litre to Rs 275.60 and High-Speed Diesel (HSD) by Rs 6.18 per liter to Rs 283.63 in light of the rise in oil prices in the international market.
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