The prices of local petroleum products are likely to decrease by up to Rs15 per litre, bringing some relief to the people as crude oil prices have declined in the global market.
On Thursday, the average price of US retail gasoline fell below $4 per gallon (3.78 litres) for the first time in months.
The national average price for regular unleaded gas fell to $3.990 a gallon, according to the American Automobile Association.
Gasoline prices peaked at a record $5.02 in June, pinching wallets and causing drivers to buy less fuel in July than they did during the pandemic in July 2020.
In this regard, the Oil and Gas Regulatory Authority (Ogra) has started working on the prices of petroleum products, sources in the authority said.
They said that the relief could be of more than Rs15 per litre by reducing the rate of levy imposed on petroleum products.
The petrol price is likely to decrease by Rs12 per litre and that of diesel by Rs15.
Ogra will send the final summary to the finance ministry on August 13, the sources said, adding that the new prices of petroleum products would be announced on August 15.