Petrol price in Pakistan may drop from Aug 16

A sharp fall in global crude oil prices over the past 11 days could translate into significant relief for Pakistani consumers, with petroleum product prices expected to be revised downward from August 16.

Major decline in global oil prices

In the last 11 days, US crude oil prices have dropped by $5.71 per barrel, falling from $69.26 to $63.48 in the international market. British Brent crude has seen a similar dip, declining by $5.72 per barrel, now trading at $65.98 compared to $71.70 earlier this month.

Drop in local petrol and diesel prices?

According to market estimates, the ex-refinery price of diesel in Pakistan could decrease by Rs10 to Rs12 per litre, while petrol prices may see a smaller drop of up to Re1 per litre. 

The Oil and Gas Regulatory Authority (OGRA) will send its final price calculation to the Ministry of Finance on August 15. The federal government, after the prime minister’s approval, will issue a formal notification setting the new rates, which will be effective from August 16 to August 31.