ISLAMABAD: The federal government is set to implement substantial reductions in the prices of petrol and high-speed diesel (HSD) effective August 1, 2024.
According to oil marketing companies (OMCs), the price of petrol is expected to decrease by Rs6 per liter, while HSD will see a reduction of Rs11.50 per liter. Additionally, kerosene oil and light diesel oil (LDO) are anticipated to drop by Rs6.10 per liter and Rs5.50 per liter, respectively.
This price cut follows a decline in international oil prices, with petrol prices falling from $89.50 to $87.50 per barrel and HSD prices dropping from $96.93 to $94 per barrel over the past two weeks. The import premium on both petrol and diesel has also decreased, enabling the government to pass on these savings to consumers.
Projected new prices include petrol at Rs269.60 per liter (down from Rs275.60), HSD at Rs272.13 per liter (down from Rs283.63), kerosene oil at Rs177.61 per liter (down from Rs183.71), and LDO at Rs160.75 per liter (down from Rs166.25). These figures are subject to final confirmation by the government, based on recommendations from the Oil and Gas Regulatory Authority (OGRA).
The reduction in fuel prices will provide significant relief to the public following recent sharp price increases.
