ISLAMABAD (PEN) : A significant drop in petroleum prices is on the horizon, offering much-needed relief to citizens grappling with soaring inflation.
According to sources, the price of petroleum products could decrease by as much as 12 rupees per litre, which would be a welcome change for many. Current estimates suggest that petrol, diesel, and kerosene prices may see notable reductions. Diesel could become cheaper by up to 8.5 rupees per litre, while petrol might see a reduction of more than 9 rupees per litre. Kerosene prices are also expected to drop by over 12 rupees per litre.
The Oil and Gas Regulatory Authority (OGRA) is set to submit the final summary of these price adjustments on August 15. Following consultations with the Finance Minister and the Prime Minister, the new prices will be officially announced.
This expected price cut follows a recent reduction on August 1, where the price of petrol was lowered by Rs6.17 per litre, setting the new rate at Rs269.43. Diesel prices were also reduced by Rs10.86 to Rs272.77 per litre, and light speed diesel saw a decrease of Rs5.72, bringing its price down to Rs160.53 per litre. Kerosene oil also became more affordable, with a reduction of Rs6.32, setting the new price at Rs177.39 per litre.
For many, these reductions bring a glimmer of hope amidst ongoing economic challenges, as lower fuel costs could ease the strain on household budgets and provide some financial breathing room.
