Petroleum product prices are anticipated to undergo mixed adjustments starting August 16, following a decline in global oil rates, according to The News.

Officials have projected a reduction of Rs11.75 per litre in the price of high-speed diesel (HSD), while petrol is expected to increase by Rs1.32 per litre.

Kerosene prices may fall by Rs6.25 per litre, and Light Diesel Oil (LDO) could see a decrease of Rs7.11 per litre.

If these changes take effect, the new price for high-speed diesel would be Rs274.08 per litre, down from the current Rs282.83 per litre.

Conversely, petrol prices are likely to rise to Rs265.93 per litre from the existing Rs264 per litre. The price of LDO may settle at Rs163, reduced from Rs170.36 per litre.

Additionally, the government currently imposes a Petroleum Levy and Carbon Levy of Rs80.52 on each litre of petrol and Rs79.51 on HSD, along with an Inland Freight Equalization Margin (IFEM) of Rs8.70 on petrol and Rs4.06 on diesel.

In related news, WTI crude oil futures have fallen to $62.70 per barrel, the lowest level in over two months, following an International Energy Agency forecast predicting a growing oil surplus this year and next.

US oil inventories are expected to rise sharply, potentially reaching a 46-month high by June 2026, consistent with the US government’s outlook.

Furthermore, US oil production is projected to peak this year before declining in the following year, supported by increased efficiency at existing wells.