Islamabad: Inflation-hit Pakistanis are anticipated to receive relief with a reduction in fuel prices for the first half of September 2024, as reported on August 28.
As per details, the decision is not yet finalised, petrol prices are expected to decrease by between PKR 2.90 and PKR 6 per litre, while diesel prices could be reduced by up to PKR 6 per litre. While some sources indicate a decrease of PKR 2.97 per litre or PKR 5.90 for petrol, others are predicting a more substantial cut of up to PKR 6 per litre for both fuels.
According to sources, the price cuts come as crude oil prices have dropped by USD 2 to USD 2.30 per barrel in the international market. However, there are varying predictions regarding the exact reduction. As of late August, the current price of petrol is PKR 260.96 per litre, and high-speed diesel (HSD) is PKR 266.07 per litre. This follows a recent reduction of PKR 8.47 per litre announced by the government ahead of Independence Day.
Official confirmation from the federal government and the Oil and Gas Regulatory Authority (OGRA) is still pending. OGRA is scheduled to review the prices on August 31 and present a proposal for final approval. The anticipated price adjustments aim to provide relief to consumers amid ongoing economic challenges.
