ISLAMABAD: After 11 consecutive days of decline in international crude oil prices, Pakistanis burdened by inflation may soon see relief at the fuel pump, with domestic petroleum prices expected to decrease starting August 16, Geo News reported on Monday.
Market data shows that US crude oil prices have dropped by $5.71 per barrel, falling from $69.26 to $63.48. Similarly, Brent crude prices have decreased by $5.72 per barrel, from $71.70 to $65.98. The government is set to revise local petroleum prices accordingly on August 16.
In the previous biweekly price review, the federal government reduced petrol prices by Rs7.54 per litre to Rs264.61, while increasing diesel prices by Rs1.48 to Rs285.83 per litre.
Current prices effective from August 1 are:
- High-Speed Diesel (HSD): Rs285.83 per litre
- Motor Spirit (Petrol): Rs264.61 per litre
Separately, during the National Assembly’s Question Hour, Minister of State for Petroleum Ali Pervez Malik revealed that on April 16 this year, the petroleum levy was increased by Rs8 on petrol and Rs7 on diesel, though consumer prices were not raised at that time.
The minister informed the house that Rs34.87 billion was collected from petroleum levies up to June 30, and projected collections for the fiscal year 2025–26 are estimated at Rs1.485 trillion.
