Pakistanis can anticipate a reduction in petrol and diesel prices starting mid-September 2024, marking the fourth such relief due to a decline in global oil rates.
Petrol and diesel prices are expected to decrease by around Rs10 per litre, provided the government does not increase the petroleum levy. If the exchange rate remains stable and taxes remain unchanged, this drop could help ease inflation.
However, to address a significant revenue shortfall, the government may raise the petroleum levy by Rs5 per litre. This increase could potentially reduce the anticipated price drop to Rs 5–6 per litre.
Current and Expected Petrol Rates in Pakistan
Current Rates
- Petrol: Rs259.1 per litre
- Diesel: Rs262.75 per litre
Expected Rates
- Petrol: Around Rs255 per litre
- Diesel: Rs258-259 per litre
International Oil Prices
Global prices for petrol and diesel have fallen by about $5 per barrel. Petrol prices have decreased to below $76 per barrel from $81, while High-Speed Diesel (HSD) prices have dropped to approximately $83 per barrel from $88.5.
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