Petrol price in Pakistan is expected to rise again from August 16, while the high-speed diesel (HSD) rate may see a major drop.
Media reports revealed that the new petroleum product prices will be announced today by the government of Pakistan, with petrol may go up by Rs 1.40 per liter, while high-speed diesel could become cheaper by up to Rs 11.50 per liter.
These adjustments will be applied for the next two weeks, as the prices are expected to be revised at the end of the month.
The expected price shift comes due to recent fluctuations in the international oil market.
For the latest updates on fuel prices in Pakistan, visit the Petrol Prices page on Times of Karachi.
In the last fortnight, global petrol prices increased by 15 cents per barrel, while diesel prices fell by around $4.5 per barrel. This contrasting trend has influenced the domestic pricing formula.
As of August 1, petrol was being sold at Rs 264.61 per liter after a reduction of Rs 7.54 per liter. In the same period, high-speed diesel was available at Rs 285.83 per liter.
The anticipated price change is likely to provide some relief to transporters and industries relying heavily on diesel fuel.
Officials say the summary of new prices will be sent for approval to Prime Minister Shehbaz Sharif, who will make the final decision. The updated prices will be implemented from midnight.
The government adjusts petroleum product prices every 15 days, taking into account global oil market trends and currency exchange rates. While the potential drop in diesel prices is welcomed, the rise in petrol prices will put further strain on daily commuters and private vehicle owners.
