Islamabad, Aug 25: Petrol & Diesel prices is anticipated to decrease the following week as a result of a drop in global oil prices.
On September 1, 2024, the federal government is anticipated to lower the price of gasoline and diesel by Rs. 5–6 per liter for the third consecutive fortnight.
The lower estimate is predicated on global prices for gasoline, crude oil, and HSD, which have dropped to $80.4, $88, and $79 per barrel over the past two weeks, respectively. Notably, during the period under consideration, the value of the Pakistani rupee stayed steady at 278.
The import premium on gasoline dropped to $8.50 a barrel during the previous two weeks, or around 50 cents per barrel. In the meantime, the $5 per barrel premium on HSD remained constant.
The US dollar was still valued at 278 versus the Pakistani Rupee.
In light of the aforementioned, it is anticipated that petrol & diesel prices in Pakistan will soon drop to between Rs. 260 and Rs. 261. MS rates are predicted to drop to between Rs. 254 and Rs. 255 a liter in the interim.
The government reduced the price of gasoline by Rs. 8.47 per liter to Rs. 260.96 during the preceding two weeks. Concurrently, the cost of diesel was lowered to Rs. 266.07 per liter, a reduction of Rs. 6.7.
