Petrol prices in Pakistan are expected to go down by up to Rs 10 per litre from August 1, as international oil rates continue to fall, sources said on Wednesday.
According to officials, the ex-refinery price of petrol has dropped by Rs9.7 per litre, while diesel is cheaper by Rs3.73 due to the global decline in oil prices.
If the Rs 9.7 decrease is implemented, then the new petrol prices will drop from Rs 272.25 to Rs 262.45 and diesel which saw a massive increase of Rs 11.37 in the last review, will come down to Rs 280.62 a decrease of Rs 3.73.
Petrol’s international price per barrel has gone down from $75.27 to $73.19. Meanwhile, the premium on petroleum has also decreased from $9.61 to $6.74 per barrel.
As a result, customs duties on petrol have reduced from Rs15.33 to Rs14.29 per litre. The new ex-refinery petrol rate stands at Rs 159.66 per litre, down from Rs 168.73.
The summary will be sent to the Ministry of Finance on July 31.
Once Prime Minister Shehbaz Sharif gives his nod, the Ministry of Finance will issue the official notification
In the last review on July 16, the government had hiked fuel prices due to rising international crude oil rates. Petrol went up by Rs 5.36 per litre while diesel saw a steeper increase of Rs 11.37.
