After two consecutive increases, the prices of petrol and high speed diesel (HSD) are expected to decline from August 01 for the next fortnight.
The reported drop in prices is mainly because of lower international market and import premiums.
The new prices will be effective from midnight as the price of petrol is expected to decrease by Rs6 per liter, while HSD will become cheaper by Rs11.50 per liter.
The average price of petrol has decreased from $89.50 to $87.50 per barrel in last two weeks, while the high-speed diesel (HSD) has fallen from $96.93 to $94 per barrel during the same time period.
The projected new price of petrol is expected to be Rs269.60 per liter, as currently it is available at Rs275.60. Similarly, HSD is expected to be priced at Rs272.13 per liter, compared to the existing Rs283.63.
The formal announcement will be made by the government based on the recommendations of the Oil and Gas Regulatory Authority (OGRA).
