ISLAMABAD – Petrol and diesel prices are expected to be cut by about Rs8.50 per litre from August 1 amid drop in global oil prices.

For the next fortnight, petrol prices is likely to be lowered by Rs 3 per litre and high-speed diesel (HSD) prices by Rs 8.50 per litre. 

Reports suggest that kerosene oil prices will drop by Rs 9.11 per litre. Oil and Gas Regulatory Authority (OGRA) will submit a summary reflecting these changes, which align with recent international market trends.

The relief for people is due to shift in international oil prices, along with stable exchange rates, have influenced these potential reductions.

Lately, the government raised the maximum petroleum levy to Rs 70 per litre in the current Finance Bill to increase fiscal revenue.

In the second half of July 2024, petrol is priced at Rs 275.60 per litre, and HSD at Rs 284 per litre. The proposed changes could bring petrol prices to above Rs 272 per litre and HSD to around Rs 275 per litre.