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In a positive turn for consumers, Pakistan is likely to see a reduction in fuel prices starting August 1. This development follows two consecutive price increases and reflects recent trends in the global petroleum market.
Over the past fortnight, international oil prices have shown a downward trend. Petrol prices have fallen by $2 per barrel, while diesel has decreased by $3 per barrel. The average price of petrol in the international market has dropped from $89.50 to $87.50 per barrel, and diesel has declined from approximately $96.93 to $94 per barrel.
Given these global shifts, sources indicate that Pakistani consumers may benefit from lower prices at the pump. Petrol prices could potentially decrease by Rs. 2.90 per liter, while diesel might see a more significant reduction of Rs. 8.50 per liter.
The government has also issued a notification to remove the 0.5% additional withholding tax on petrol at pumps, which could further ease the financial burden on consumers.
This expected price reduction comes after a recent hike on July 15, when the government increased petrol prices by Rs. 9.99 per liter. The anticipated decrease is seen as a response to changing dynamics in the international oil market and could provide some relief to Pakistani consumers grappling with fluctuating fuel costs.
The final decision on price adjustments will be announced by the government in the coming days, taking into account various economic factors and market conditions.
