ISLAMABAD BY EHSAN BUKHARI
Global petroleum prices have returned to 2019 levels, sparking hopes for a significant reduction in fuel prices in Pakistan. According to sources, the government is expected to announce major relief for citizens starting August 16, following a consistent decline in international crude oil prices over the past 11 days.
During this period, Brent crude prices dropped by $5.72, falling from $71.70 to $65.98 per barrel. Similarly, WTI (West Texas Intermediate) crude saw a decline of $5.71, with prices decreasing from $69.26 to $63.48 per barrel.
Back in 2019, the Oil and Gas Regulatory Authority (OGRA) had set the petrol price in Pakistan at slightly above Rs. 97 per litre, which was later raised to Rs. 105.68 per litre. Currently, however, petrol is being sold at a much higher rate of Rs. 284 per litre.
With international crude prices plummeting, all eyes are now on the Pakistani government to see what relief it will extend to the public. The official decision is expected to be revealed on August 16.
