Islamabad (Business Desk): In view of the significant decline in crude oil prices in the global market, the possibility of a change in petroleum product prices is being shown in Pakistan from August 16.

According to sources, the price of high-speed diesel is expected to decrease by Rs 11.75 per liter, after which its new price may decrease from Rs 282.83 to Rs 274.08 per liter. This reduction may provide direct relief to the public in the transport and agriculture sectors.

However, on the other hand, a possibility of an increase in the price of petrol by Rs 1.32 per liter has also been shown, which may slightly increase the burden on daily consumption.

Other products are also expected to see price changes:

Kerosene: Rs 6.25 per litre

Light diesel oil: Rs 7.11 per litre

Experts say the potential changes are due to the fall in Brent crude oil prices in the global market, where prices have fallen to a two-month low of $62.7 per barrel.

According to officials, these price changes have been sent to OGRA and the Ministry of Finance. If approved, the new prices will come into effect from August 16 and will remain in effect for the next 15 days.