ISLAMABAD: In a sigh of relief for the inflation-hit masses, petroleum product prices in Pakistan are expected to see another reduction from August 16, following a fall in global crude oil prices over the past 11 days, Geo News reported on Monday.

According to market data, US crude oil prices have dropped by $5.71 per barrel, from $69.26 to $63.48. Similarly, Brent crude has fallen by $5.72 per barrel, from $71.70 to $65.98. The government will make changes to domestic petroleum prices on August 16.

In the previous fortnightly review, the federal government had slashed petrol price by Rs7.54 for the next fortnight to Rs264.61 per litre, while diesel’s price was increased by Rs1.48 to Rs285.83 per litre.

Separately, during the National Assembly’s Question Hour, Minister of State for Petroleum Ali Pervez Malik said that on April 16 this year, the petroleum levy was increased by Rs8 on petrol and Rs7 on diesel. However, at that time, prices for consumers were not raised.

The minister informed the lower house of parliament that Rs34.87 billion was collected through the petroleum levy until 30 June, and an estimated Rs1.485 trillion will be collected in the fiscal year 2025–26.