Government likely to cut petrol price by Rs 5.50 per liter from August 1

• The government is likely to reduce the price of diesel by Rs 11.06 per litre.
• Kerosene price may come down by Rs 5.84 per litre.
• The new selling price of petrol is likely to be Rs 270.10 per litre.

Islamabad: The government is likely to reduce the price of petrol by Rs 5.50 per liter and diesel by Rs 11.06 per liter from August 1, 2024, for the next fortnight, government and industry sources said The news.

The price of Kerosene Oil is projected to decrease by Rs 5.84 per liter and Light Diesel Oil (LOD) by Rs 5.07 per litre.

“This mitigation in POL [petrol, oil, lubricants] The prices were attributed to a $1.50 per barrel cut in Kuwait Petroleum Company’s (KPC) premium on diesel and less demand for POL products from the world’s top major economies such as the United States and China,” the sources said. .

The new selling price of petrol is likely to be Rs 270.10 per liter from August 1, 2024, from the existing price of Rs 275.60. Similarly, the new price of High Speed ​​Diesel (HSD) is likely to be fixed at Rs 272.57 from the existing price of Rs 283.63 per litre.

Kerosene price may be set at Rs 177.87 per liter from Rs 183.71 per litre, while light diesel oil (LDO) is likely to be sold at Rs 161.18 per liter against the current price of 166, Rs 25 per liter .

However, sources said that if the government decides to increase oil levy by Rs 5 per liter on petrol and diesel, then the relief could come down to Rs 0.50 per liter on petrol and Rs 6.06 per liter at the price of diesel.

For the last two fortnights from July 1 to July 31, petrol price was increased by Rs 17.44 per liter and diesel by Rs 15.74 per litre.

Domestic fare margin on petrol is Rs 7.79 per liter and HSD Rs 4.51 per litre. However, the premium on gasoline stands at $8.48 per barrel and on HSD at $5 per barrel.

Originally published on The news