Major reduction in petroleum product prices likely from August 1

Following a major drop in oil prices in the global market, the federal government is likely to significantly reduce the prices of petroleum product in the country from August 1, however, the final announcement will be made after the approval of the Prime Minister on July 31.

The prices of petroleum products are likely to decrease by up to Rs9.7 per liter as the ex-refinery price of petrol has decreased by Rs9.7 per liter and the ex-refinery price of diesel by Rs3.73 per liter.

Similarly, the price of petrol per barrel has decreased from $75.27 to $73.19. The premium per barrel on petroleum has decreased from $9.61 to $6.74. Customs duty has decreased from Rs15.33 to Rs14.29.

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Sources say that the ex-refinery price of petrol has been reduced from Rs168.73 to Rs159.66. Petroleum prices may further decrease by including exchange rate adjustments.

Sources say that the final working paper on pricing will be sent to the Finance Ministry on July 31 and the Finance Ministry will take a decision keeping in mind the revenue targets.

It was further informed that a notification will be issued by the Finance Ministry after the approval of the Prime Minister, while despite increasing the levy on petroleum products, the public will not get any relief.