ISLAMABAD: Petrol prices in Pakistan are likely to drop by as much as Rs9.7 per litre starting August 1, following a decline in global oil prices.
According to sources, the international price of petrol has fallen from $75.27 to $73.19 per barrel, while the premium has also gone down from $9.61 to $6.74 per barrel.
This has caused the ex-refinery price of petrol to decrease from Rs168.73 to Rs159.66 per litre. Diesel prices have also seen a drop of Rs3.73 per litre.
Along with this, customs duties have been reduced from Rs15.33 to Rs14.29 per litre. Sources mentioned that currency exchange fluctuations could lead to further adjustments in petroleum pricing.
A final proposal regarding the revised prices will be submitted to the Ministry of Finance on July 31. The ministry is expected to take its revenue goals into account before making a final decision.
The Ministry of Finance will issue an official notification once the prices are approved. However, if the government decides to raise the levy on petroleum products, it might limit the relief passed on to consumers.