ISLAMABAD July 25, 2024: Due to the decline in international prices of petrol and diesel, local prices in Pakistan are expected to drop on August 01, 2024.
The premium on diesel is anticipated to decrease to USD 5.0 per barrel from USD 6.5 per barrel.
Petrol prices are likely to decrease by PKR 5 per liter, while High-Speed Diesel (HSD) could see a reduction of PKR 11.5 per liter.
This expected downturn is based on the decline in international oil prices. If approved, consumers could pay PKR 270.60 per liter for petrol and PKR 272.13 per liter for HSD from August 1, 2024, to August 15, 2024.
Previously, the government announced an increase of PKR 9.99 per liter for petrol and PKR 6.18 per liter for diesel on July 15, 2024.
Additionally, the government announced an increase in the Petroleum Development Levy (PDL) from PKR 60 per liter to PKR 70 per liter, though the PDL was kept unchanged during the first month of FY25. If the government increases the PDL by PKR 5 per liter for both products, the decline in diesel prices will be limited to PKR 6.5 per liter, and petrol prices will remain unchanged at current levels.
