Petrol prices likely to decline by Rs 5.50 per liter from August 1

ISLAMABAD: Petrol prices are likely to be reduced by Rs5.50 per litre from August 1 (tomorrow), and if approved, this reduction will remain effective during the first fifteen days of August 2024.

According to industry sources, petrol prices in August is expected to decrease by Rs 5.50 per litre, while high-speed diesel (HSD) could witness a reduction of Rs 11.06 per litre.

Additionally, kerosene oil is projected to decrease by Rs 5.84 per litre, and light diesel oil (LDO) may see a substantial cut of Rs 5.07 per litre for the first half of August 2024.

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As per sources, the estimated cuts in petroleum prices are subject to government approval and are contingent on various factors, including global oil prices, currency exchange rates, and financial implications for the energy sector.

The new sale price of petrol is likely to be Rs270.10 per litre from August 1, 2024, from the existing price of Rs275.60. Similarly, the new price of high speed diesel (HSD) is likely to be fixed at Rs272.57 from the existing rate of Rs283.63 per litre. 

The kerosene price may be set at Rs177.87 per litre from the current Rs183.71 per litre whereas light diesel oil (LDO) is likely to be sold at Rs161.18 per litre as opposed to the current rate of Rs166.25 per litre.

GLOBAL OIL PRICES DECLINE

Oil prices have declined on global markets.

The price of a barrel of “Brent” oil on the London ICE (“InterContinental Exchange Futures”) exchange decreased by $0.43 to $79.35.

The price of one barrel of “Light” oil on the New York NYMEX (“New York Mercantile Exchange”) decreased by $0.46 to $75.35.

The recent decrease in oil prices reflects ongoing market fluctuations. While the decline may offer temporary relief for consumers, it underscores the volatility and uncertainties in the global oil market.