Petrol and High-Speed Diesel Prices Expected to Decrease in August

Good news for motorists and consumers as the prices of petrol and high-speed diesel (HSD) in Pakistan are expected to decline by Rs3 and Rs8.50 per litre, respectively, from August 1st. This decrease is attributed to lower international market prices and import premiums.

International market prices for petrol and HSD have dropped by $2 and $3 per barrel, respectively, in the last fortnight. This decrease is likely to translate into a decrease of Rs2.90 for petrol and Rs8.50 for HSD per litre in Pakistan.

The government has set a maximum petroleum levy of Rs70 per litre to collect revenue for the upcoming fiscal year. Despite the decrease in prices, petrol will still remain above Rs272 per litre, affecting the budget of middle- and lower-middle-class consumers.

While the drop in petroleum prices is beneficial for consumers, it is important to note that this reduction is rarely reflected in the fares and prices of essential commodities.

Overall, this decrease in petrol and HSD prices provides some relief to consumers and transportation sectors, offering a glimpse of light amidst economic challenges.

Published in Dawn, July 27th, 2024

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