For the third consecutive fortnight, the prices of petrol and high-speed diesel are anticipated to decrease by approximately Rs5-6 per litre. This expected reduction follows a trend of declining global oil prices and favorable exchange rate movements.
In the past two weeks, international oil prices have dropped by $2 to $2.30 per barrel. Currently, the price of crude oil has fallen to about $80.40 per barrel from $82.50, while HSD prices have decreased to $88 per barrel from $90.30. This decline in international oil prices, combined with a stronger local currency and stable tax rates, suggests a reduction of Rs5 to Rs5.50 per litre for both petrol and HSD.
The import premium on petrol has also decreased by 50 cents per barrel to $8.50, while the premium on HSD has remained unchanged at $5 per barrel.
Additionally, the Pakistani rupee has appreciated by 25 cents against the US dollar over the last fortnight, further contributing to the expected price drop.
As of the latest review, the ex-depot price for petrol is Rs260.96 per litre and HSD is Rs266.07 per litre. On August 14, the government had already reduced the prices of petrol and HSD by Rs8.47 and Rs6.70 per litre, respectively.
In total, over the last two fortnights, the cumulative reductions in petrol and HSD prices have been Rs14.64 and Rs17.56 per litre, including earlier cuts of Rs6.17 and Rs10.86 per litre on July 31.
Prior to these reductions, there had been significant price increases of Rs17.44 and Rs15.74 per litre in the first fortnight of July.
Between May 1 and June 15, prices were lowered by about Rs35 and Rs22 per litre, respectively.
