Overview
- Pakistan sharply cut retail petrol by Rs74.28 per litre and diesel by Rs67.31, with new pump rates of Rs299.50 for petrol and Rs311.47 for diesel after the fall in international oil prices.
- India kept petrol and diesel pump prices unchanged after recent cumulative hikes of about ₹7.5 per litre, but raised domestic LPG by ₹29 and increased export duties on diesel and aviation turbine fuel.
- South Africa's Central Energy Fund data show sizeable over‑recoveries that point to large July price cuts for petrol and diesel, although a partial reintroduction of the fuel levy will reduce net consumer relief.
- Traders and shipping sources say a US 60‑day licence for Iranian oil and the interim US‑Iran memorandum eased Strait of Hormuz transits and pushed Brent into roughly the $73–80 range, yet analysts warn the arrangement is fragile and prices could rebound if talks fail.
- Consumers may see real relief only where governments and oil firms pass lower import costs to retail prices because state oil companies continue to absorb losses on some fuels and fiscal levies or policy choices can blunt price cuts.