Anticipated Price Drop After Recent Increases

It is anticipated that beginning on August 1, petroleum product prices in Pakistan will drop following two straight price increases. Media reports state that for the last 15 days, petroleum product prices have decreased on the global market.

International Market Trends

More specifically, the price of gasoline has decreased by $2 per barrel while the price of diesel has decreased by $3 per barrel.

The average price of gasoline has dropped from $89.50 to $87.50 per barrel on the global market, while the average price of diesel has dropped from roughly $96.93 to $94 per barrel.

Impact on Local Prices

Sources indicate that Pakistan may see a fall in petrol and diesel prices of Rs. 2.90 and Rs. 8.50 per litre, respectively, as a result of these worldwide trends.

Government Actions and Consumer Relief

A notification has also been sent out to eliminate the 0.5% additional withholding tax that is applied to gas at the pump. It is important to remember that the government raised the price of gasoline by Rs. 9.99 per liter on July 15.

This expected price cut is perceived as a reaction to the most recent shifts in the global market, offering some respite to customers in the face of volatile gasoline prices.