Islamabad:
Oil prices in Pakistan are expected to be reduced to up to Rs per liter from August 1, after a fall in world oil prices, according to sources. The reduction in international oil prices has led to a reduction in the price of gasoline from RS9.7 and diesel by RS3.73.
Sources confirmed that the price of gasoline per barrel decreased from $ 75.27 to $ 73.19, while the oil premium decreased from $ 9.61 per barrel to $ 6.74.
As a result, customs duties have also noticed a decrease, from RS15.33 per liter to Rs14.29 per liter. The price of a former redefinition of gasoline was reduced by RS168.73 to RS159.66 per liter.
Sources further reported that additional adjustments to oil prices can be made due to exchange rates. The final determination of prices will be submitted to the Treasury on July 31, while the ministry is expected to consider revenue targets when making its decision.
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Following the prime minister’s approval, the Treasury is expected to issue a formal notice of new prices. However, if the government increases the contribution to oil products, it can reduce the level of relief that the public receives from price reduction.
On July 16, the government raised gasoline and diesel prices, following a continuing upward trend in worldwide crude oil prices. The gasoline price that increased by RS5.36 per liter, while the diesel increased by RS11.37 per liter.
The price of gasoline increased from RS266.79 to RS272.15 per liter, while High Speel Diesel (HSD) now costs RS284.35 per liter, from the previous RS272.98.
Similarly, on July 1, the federal government, while adopting the same measures, had significantly increased gasoline and diesel prices for the first fortnight of the month, attributing the increase in worldwide market volatility amid 12-day Iran-Israel conflict.
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