ISLAMABAD – A fresh reduction in petroleum prices provides some relief to consumers as international crude oil prices continue to decline.
According to latest notification from OGRA, the revised fuel prices will take effect from August 5, 2026. The price of Motor Spirit (petrol) has been reduced by Rs3.39 per litre, bringing it down from Rs331.95 to Rs328.56 per litre. Meanwhile, the price of High-Speed Diesel (HSD) has been cut by Rs4.07 per litre, lowering it from Rs389.93 to Rs385.86 per litre.
The latest price revision follows a sharp decline in global crude oil prices, driven by renewed optimism over the possible reopening of the Strait of Hormuz, one of the world’s most strategically important oil shipping routes.
Brent crude fell nearly 5%, dropping below $80 per barrel for the first time in three weeks, while U.S. West Texas Intermediate (WTI) crude also lost more than 5%, trading at around $76 per barrel.
The decline came after senior U.S. officials indicated that negotiations aimed at restoring commercial shipping through the Strait of Hormuz had made significant progress, easing concerns over potential supply disruptions and improving sentiment across global energy markets.
Despite the positive market reaction, analysts remain cautious. Previous rounds of negotiations between the United States and Iran have repeatedly failed to produce a lasting agreement, leaving uncertainty over whether the latest diplomatic efforts will lead to a durable reopening of the waterway and sustained stability in global oil supplies.
Petrol Price in Pakistan gets down by Rs0.12, Diesel down 66 Paisas
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