ISLAMABAD (Kashmir English): The federal government is expected to reduce petrol prices in Pakistan from August 16 in a sigh of relief for the inflation-hit masses as the international oil prices have seen a massive dip.
As per international media, the US crude oil prices have dropped by $5.71 per barrel, from $69.26 to $63.48, with Brent crude witnessing a reduction of $5.72 per barrel.
However, oil prices edged higher on Monday, after falling more than 4% last week, ahead of talks this week between the U.S. and Russia over the war in Ukraine. Brent crude futures were up 37 cents, or 0.6%, at $66.96 a barrel.
The decline in petroleum product prices in the second consecutive fortnight is likely to bring relief for motorists and transporters.
In the previous fortnightly review, the government had slashed petrol price by Rs7.54, effective August 1, fixing it at Rs264.61 per litre.
Meanwhile, the rate of diesel was increased by Rs1.48 per litre, pushing the price of the petroleum product to Rs285.83 per litre, the notification added.
The decision was taken following a review of prevailing international market trends and upon the recommendations of the Oil and Gas Regulatory Authority (OGRA) and relevant ministries, a statement from the division said.
