Islamabad August 9 2024: Ministry of Finance is likely to cut diesel and petrol prices in its upcoming fortnightly review due to a drop in international prices.
Petrol prices are forecasted to decrease by PKR 10 per liter to PKR 259.43, according to our estimates based on movement in global oil prices.
Likewise, Diesel prices are poised to drop to their July 2023 benchmarks due to an anticipated global oil price decline. Expect a decrease of PKR 9 per liter, bringing the price to PKR 263.77 per liter.
The government of Pakistan will officially announce these changes on August 15, 2024, and they will be effective from August 16, 2024, through August 31, 2024.
In the FY25 budget, the government raised the Petroleum Levy limit from PKR 60 to PKR 70 per liter. However, the levy has remained unchanged at PKR 60 per liter so far. If the government decides to increase the Petroleum Levy by PKR 5 per liter, the expected price drops for diesel and petrol would be limited to PKR 4 per liter and PKR 5 per liter, respectively.
