Petrol, diesel prices likely to drop on Aug 1

ISLAMABAD: After two consecutive increases, the prices of petrol and high speed diesel (HSD) are estimated to decline by about Rs3 and Rs8.50 per litre, respectively, from Aug 1 for the next fortnight, mainly because of lower international market and import premiums.

Informed sources said the prices of these major products had decreased in the international market by about $2 and $3 per barrel, respectively, in the last fortnight.

Depending on final calculation and existing tax rates...