Sources have confirmed that there will be a third consecutive rate cut in the prices of petrol and high-speed diesel (HSD) starting September 1. This decision comes as a result of a decrease in crude prices in the global market, with $2 to $2.30 per barrel reduction seen in the last two weeks. The current price of crude oil is at $79 per barrel. The OGRA will review global crude oil prices on August 30 and submit a summary to the finance minister for price fixing. This news comes after the government reduced the prices of petrol and HSD by Rs8.47 and Rs6.70 per litre, respectively, in the last pricing review. It is estimated that there will be a total reduction of Rs14.64 and Rs17.56 per litre in petrol and HSD prices, respectively.
Pakistan to Cut Petrol and Diesel Prices for Third Consecutive Time
Following a decline in global crude oil prices, Pakistan is preparing to announce a reduction in the prices of petrol and high-speed diesel (HSD) for the third consecutive month.
Sources have confirmed that the Oil and Gas Regulatory Authority (OGRA) will review global crude oil prices on August 30 and submit a summary to the finance minister for price fixing. The decision is expected to come into effect on September 1.
The current price of crude oil in the international market stands at $79 per barrel. Over the past two weeks, crude prices have decreased by $2 to $2.30 per barrel.
In the last pricing review, the Pakistani government reduced the prices of petrol and HSD by Rs8.47 and Rs6.70 per liter, respectively. The latest reduction is expected to bring the total decrease in petrol and HSD prices to Rs14.64 and Rs17.56 per liter, respectively.
Background
The prices of petrol and diesel in Pakistan are determined on a fortnightly basis by OGRA. The authority considers factors such as the cost of crude oil, refining costs, transportation expenses, and government taxes when setting prices.
Fluctuations in global crude oil prices have a significant impact on domestic fuel prices in Pakistan. When crude prices rise, OGRA typically increases domestic fuel prices, and vice versa.
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