Petrol price likely to witness another drop in Pakistan

KARACHI: The federal government is considering a reduction in petrol price, which will be a third consecutive decrease in petroleum products rates since July 31, ARY News reported citing sources. 

According to sources, the proposal suggests a decrease in the price of petrol by Rs 2.97 per liter, high-speed diesel by Rs 2.31 per liter, kerosene oil by Rs 1.39 per liter, and light-speed diesel by Rs 1.96 per liter.

Sources said that the drop in international oil prices has resulted in the proposed reduction, with American crude oil falling by 3.60% to $74.69 per barrel over the past two weeks and London Brent oil decreased by 2.34% to $74.69 per barrel.

Earlier, the federal government slashed the prices of petroleum products ‘as a gift’ to the people on the eve of Independence Day.

The price of petrol was reduced by Rs 8.47 to Rs 260.96 per litre. High-speed diesel reduced by Rs 6.07 per litre, making the new price Rs 266.07 per litre.

On July 31, the government slashed the prices of petrol and high-speed diesel (HSD) for the next fortnight by Rs6.17 and Rs10.86, respectively.

READ: Cabinet ‘okays’ privatization of Petroleum division departments

The Ministry of Finance issued a notification following an approval from Prime Minister (PM) Shehbaz Sharif.

The price of petrol were reduced by Rs6.17 per liter, making the new price Rs269.43 per liter. Similarly, the price of diesel reduced by Rs10.86 per liter, setting the new price Rs272.77 per liter.