Petroleum product prices likely to decline from Sep 1

The prices of petroleum products are expected to decline in Pakistan in the next price review on August 31, sources said on Saturday.

According to sources within the finance ministry, petrol and diesel prices are likely to be slashed by up to Rs6 per litre.

During the current fortnight, the import premium on petrol declined about 50 percent per barrel to $8.50, while it has remained unchanged at $5 per barrel on HSD.

On the other hand, the local currency gained 0.25 cents during the last two weeks, which would assist in reducing petroleum rates, sources added.

Currently, petrol is being sold at Rs260.96 per litre and HSD at Rs266.07 per litre after a reduction of Rs8.47 and Rs6.70, respectively, on August 14.

The government had reduced the total Rs14.64 and Rs17.56 per litre on petrol and diesel in a month.

The petrol and HSD prices increased by Rs17.44 and Rs15.74 per litre in July. However, between May 1 and June 15, prices of both declined by R35 and Rs22 per litre.

The final decision will be announced by the Ministry of Finance on August 31 after consulting with Prime Minister Shehbaz Sharif.