Petrol, diesel prices likely to drop for next fortnight

Fuel prices in Pakistan are expected to drop for the second half of August after a sharp decline in global crude oil rates over the past 11 days.

Market data shows US crude (WTI) has fallen by $5.71 per barrel, from $69.26 to $63.48, while Brent crude has dropped by $5.72, now trading at $65.98 compared to $71.70 earlier.

According to media reports, the Oil and Gas Regulatory Authority (Ogra) will finalise revised rates and send them to the Ministry of Finance by August 15.

Also Read: Petrol price slashed by Rs7.54, diesel up Rs1.48 per litre for next fortnight

The new prices, subject to approval by the prime minister, will take effect on August 16 and remain in place until the end of the month.

In the last fortnightly review, petrol prices were reduced by Rs7.54 per litre, while high-speed diesel (HSD) rose by Rs1.48 to Rs285.83 per litre.