Petrol price may drop by up to Rs10
ISLAMABAD:
Petrol prices in Pakistan could decrease by up to Rs9.7 per litre from August 1, following a drop in global oil prices.
The reduction in international rates has led to a decrease in the ex-refinery price of petrol by Rs9.7 and diesel by Rs3.73.
Sources confirmed that the price of petrol per barrel has dropped from $75.27 to $73.19, while the premium on petroleum has decreased from $9.61 per barrel to $6.74.
As a result, customs duties have also seen a reduction, from Rs15.33 per litre to Rs14.29 per litre. The ex-refinery price of petrol has dropped from Rs168.73 to Rs159.66 per litre.
Sources further indicated that additional adjustments to petroleum prices may be made due to exchange rate changes. The final price determination will be submitted to the Ministry of Finance on July 31, with the ministry expected to consider revenue targets when making its decision.
The Ministry of Finance is set to issue an official notification regarding the new prices. However, if the government increases the levy on petroleum products, it may reduce the level of relief the public receives from the price reduction.
