Petroleum product prices likely to decline from August 1

Prices of petroleum products are expected to decline in Pakistan in the next price review on July 31 (today), sources said on Wednesday.

According to the sources, the decrease is expected owing to an international downward trend in oil prices.

Sources said the petrol price is likely to drop by Rs5.50 per litre, while high-speed diesel (HSD) could be reduced by Rs11 per litre.

The price of Kerosene oil may be reduced by Rs5.84 per litre. Lght-speed diesel price is expected to be slashed by Rs5 per litre.

The new rates will be effective from August 1 to 15.

In the last two fortnight reviews, Prime Minister Shehbaz Sharif's government had increased the PoL prices by almost Rs17 per litre.

Currently, petrol is available at Rs275.60 per litre while diesel is being sold at Rs286.63 per litre.

The final decision on the petroleum products prices will be made following the Ministry of Finance’s consultation with PM Shehbaz Sharif.