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Anticipated Decrease in Petroleum Prices from August 1

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Reports from various media outlets suggest that there is an expected decrease in the prices of petroleum products in the country starting August 1. According to these reports, the price of petrol might witness a drop of up to Rs3 per litre, while high-speed diesel (HSD) prices could potentially see a reduction of Rs8.50 per litre. In addition, the price of kerosene oil is anticipated to decrease by Rs9.11 per litre, primarily due to the decline in global crude oil prices. This anticipated decrease in petroleum prices could potentially lead to a reduction in inflation and a boost in consumer spending, thereby positively impacting the economy.

The Ministry of Petroleum Division has reportedly hinted that the final summary concerning the petroleum prices will be forwarded to the government by the Oil and Gas Regulatory Authority (OGRA), the regulatory body responsible for determining and regulating petroleum prices in the country. Following this, it is expected that the finance minister, in compliance with the prime minister’s directives, will officially announce the new petroleum prices on July 31.

In summary, all eyes will be on the finance minister as the country awaits the official announcement of the anticipated decrease in petroleum prices. His announcement will carry significant weight, potentially offering relief to consumers.

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