The prices of petroleum products are expected to significantly reduce in the upcoming fortnightly review, with petrol, diesel, and kerosene prices likely to drop by up to Rs 12 per litre, according to sources familiar with the matter.
As per initial calculations, petrol prices are anticipated to decrease by over Rs 9 per litre, while high-speed diesel may reduce Rs 8.5 per litre.
Kerosene, commonly used for household purposes in rural areas, is expected to see the largest decrease, with prices likely to drop by more than Rs 12 per litre.
The Oil and Gas Regulatory Authority (Ogra) is finalizing its recommendations, which will be forwarded to the Ministry of Finance for approval.
The final decision on the new petroleum prices will be announced by Finance Minister Ishaq Dar on August 15, following consultations with Prime Minister Shehbaz Sharif. The revised prices are expected to take effect from August 16.
Current prices
This anticipated reduction comes as a relief for consumers, who have been grappling with rising fuel costs amid economic challenges. The current price of petrol stands at Rs 269.43 per litre and diesel is being sold at Rs 272.77 per litre, following a reduction of Rs 6.17 per litre on July 31.