Petrol, Diesel Prices Likely to Fall Next Week

MS petrol and High-Speed Diesel (HSD) prices are expected to fall next week due to a decline in international oil prices. The federal government is expected to decrease the price of petrol and diesel, third fortnight in a row, by Rs. 5-6 per liter each effective September 1, 2024. The lower forecast is based on international prices for HSD, petrol, and crude oil, which slid in the current fortnight to $80.4, $88, and $79 per barrel, respectively. Notably, the Pakistani rupee remained stable at 278 during the period in review. Over the past fortnight, the import premium on petrol decreased by approximately 50 cents per barrel to $8.50. Meanwhile, the premium on HSD was steady at $5 per barrel. The Pakistani Rupee remained at 278 against the US dollar. Considering the above, it is expected that the price of HSD is poised to decrease to Rs. 260-261 per liter in Pakistan. Meanwhile, MS rates are expected to fall to Rs. 254-255 per liter. In the previous fortnight, the government cut the petrol price by Rs. 8.47 per liter to Rs. 260.96. Meanwhile, the diesel price was reduced by Rs. 6.7 per liter to Rs. 266.07.