Following a decline in global oil prices, Pakistan is expected to see a significant reduction in petroleum product prices from August 1, sources in the ministry said. Petroleum prices likely to decrease by up to Rs11 per litre from the next fortnight The petrol price may drop by Rs5.50 per litre, while high-speed diesel (HSD) could see a reduction of up to Rs11 per litre. Kerosene is expected to become cheaper by Rs5.84 per litre, and light diesel oil may decrease by Rs5 per litre. The new rates will be finalised today after getting the prime minister’s nod. The petrol and HSD prices had increa­sed by Rs7.45 and Rs9.56 per litre June 30. This was followed by Rs9.99 and Rs6.18 per litre increase in prices of petrol and HSD, respectively, on July 16. Between May 1 and June 15, the prices of both products had reduced by about Rs35 and Rs22 per litre, respectively. The government has jacked up maximum limit of petroleum levy to Rs70 per litre in the current Finance Bill

Credit: Independent News Pakistan