In a promising development for the inflation-burdened citizens of Pakistan, the government under Prime Minister Shehbaz Sharif is expected to announce a reduction in petrol and diesel prices starting from September 1st, 2024. This potential decrease is anticipated due to a significant drop in global crude oil prices, which have seen a decline of $2 to $2.30 per barrel.
Expected Petrol Price Cut in Pakistan
According to sources within the oil industry, petrol prices might decrease from the current rate of Rs. 260.96 per litre to Rs. 254 per litre. Similarly, the price of high-speed diesel (HSD) is expected to drop from Rs. 266.07 per litre to Rs. 261 per litre. While these reductions offer a glimmer of relief, it is crucial to note that there has been no official confirmation from the federal government or the Oil and Gas Regulatory Authority (OGRA) as of yet.
OGRA’s Role and Upcoming Review
OGRA is scheduled to review the fuel prices on August 31st, 2024, and will then submit its proposal to the government for final approval. The potential reduction in petrol and diesel prices comes after a recent cut of Rs. 8.47 per litre on petrol in mid-August, which was implemented just before Pakistan’s Independence Day.
Current Petrol and Diesel Prices in Pakistan
As of now, the petrol price stands at Rs. 260.96 per litre, following the reduction in August. The expected further reduction, if approved, would lower the financial burden on the public, offering some respite amidst rising inflation.
Conclusion
While the anticipated decrease in fuel prices is a hopeful sign for the citizens, it is advisable to stay updated with the official announcements from the government and OGRA. The potential reduction reflects the government’s response to global oil market trends and its commitment to easing the economic pressures faced by the populace.