Petrol price likely to rise, diesel to drop from Aug 16

Petrol price may see a marginal increase while diesel rates are expected to drop sharply from August 16, according to initial calculations by the petroleum ministry.

Sources said petrol could become costlier by Rs1.32 per litre, raising the rate from the current Rs264.61 to Rs265.93, while high-speed diesel may fall by Rs11.75 to Rs274.08 from Rs285.83.

Kerosene is projected to drop by Rs6.25 per litre to Rs179.21, and light diesel oil by Rs7.11 to Rs163.25.

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Officials said the preliminary price working will be sent to Prime Minister Shehbaz Sharif after consultations with the finance ministry. Exchange rate adjustments and petroleum levy changes will be factored in before finalising the proposal.

The Oil and Gas Regulatory Authority (OGRA) will submit its summary on August 15, with the new petrol price to take effect from midnight on August 16 following the prime minister’s approval.