Petrol and High-Speed Diesel (HSD) prices are anticipated to see a significant decrease this week, driven by a recent decline in international oil prices. The federal government is expected to announce a reduction of Rs. 8.5-9.3 per liter for petrol and Rs. 9 per liter for diesel on August 15, 2024. This change comes as a response to the downward trend in global oil markets, which has seen prices for these fuels drop substantially.
The forecasted decrease in fuel prices is based on the recent slide in international rates. Over the current fortnight, the prices for High-Speed Diesel, petrol, and crude oil have fallen to $91, $84, and $82 per barrel, respectively. This reduction in global oil prices has created an opportunity for the Pakistani government to pass on the savings to consumers, reflecting a broader trend of fluctuating fuel costs driven by global market dynamics.
During this review period, the Pakistani rupee has remained stable at a rate of 278, which has helped in moderating the impact of international price changes on domestic fuel prices. The stable currency has contributed to a more predictable adjustment in fuel rates, ensuring that the planned reductions are effectively reflected at the pump for consumers.
