A sigh of relief for inflation-hit masses as the federal government is expected to announce a reduction in the prices of petroleum products in the upcoming fortnightly review on August 15, 2024.

According to sources within the Oil and Gas Regulatory Authority (OGRA), petrol, diesel, and kerosene prices are likely to see a substantial decrease.

The price of petrol is anticipated to drop by more than Rs9 per litre, while diesel may witness a reduction of approximately Rs8.5 per litre.

Kerosene, used primarily in rural areas, is expected to see the largest decrease, with prices potentially falling by over Rs12 per litre.

The OGRA is currently finalising its recommendations, which will be submitted to Finance Minister Ishaq Dar. The minister, in consultation with Prime Minister Shehbaz Sharif, is expected to make the final decision on the new rates. The revised prices will take effect from August 16, 2024.

Current Prices

As of the first fortnight of August 2024, the price of petrol stands at Rs269.43 per litre, following a reduction of Rs6.17 on July 31. High-speed diesel is being sold at Rs272.77 per litre.

The potential new rates could see petrol priced at Rs260.43 per litre, and diesel at Rs264.77 per litre, providing some respite to consumers amid rising inflation.

The final announcement is awaited, with many hopeful that the anticipated reductions will help alleviate the financial burden on the public.

This expected decrease in petroleum prices comes amid ongoing economic challenges and efforts by the government to stabilize the economy. The global oil market has seen fluctuations, but the government is focusing on easing the pressure on consumers by adjusting local prices in line with international trends.