Pakistan Slashes Petrol Price by Rs1.86, Diesel by Rs3.32

Sat Aug 31 2024
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Staff Reporter
Petrol Price, Government, Eid-ul-Azha, Diesel, Pakistan, Prime Minister, Shehbaz Sharif, Electricity Prices,
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ISLAMABAD: Pakistan’s government on Saturday slashed the petrol price by Rs1.86 per litre and the high-speed diesel price by Rs3.32 per litre as part of the fortnightly adjustment of the fuel prices.

The price of petrol has been lowered by Rs1.86 per litre, bringing it down from Rs260.96 to Rs259.10. High-speed diesel saw a more significant reduction, with its price falling by Rs3.32 per litre, from Rs266.07 to Rs262.75.

Meanwhile, the price of kerosene oil has been cut by Rs2.15 per litre, decreasing from Rs171.77 to Rs169.62. Light diesel oil also saw a reduction of Rs2.97 per litre, with prices dropping from Rs157.02 to Rs154.05.

The adjustments follow a recent decline in international oil prices, which has influenced the government’s decision to lower domestic fuel rates. Pakistan’s fuel prices are set according to a pricing formula established by the government, which factors in fluctuations in global oil prices and other economic variables.

In the fiscal year budget, the Pakistani government increased the maximum petroleum levy from Rs60 to Rs70 per litre, aiming to collect Rs1.28 trillion. This target is Rs150 billion higher than last year’s collection of Rs1.019 trillion and surpasses the budget target of Rs869 billion.

Currently, the government imposes around Rs78 per litre in taxes on petrol and high-speed diesel. Additionally, customs duties of approximately Rs8 per litre are levied on both products, regardless of whether they are locally produced or imported. Oil companies and dealers also receive about Rs17 per litre in distribution and sales margins.

Earlier in the day, the government also raised the price of liquefied petroleum gas (LPG) by Rs6.99 per kilogramme, leading to an increase of Rs82.54 in the price of a household LPG cylinder.

Global oil market trends are influencing these domestic price adjustments. Analysts have recently revised their 2024 oil price forecasts downward due to weak fuel demand from major importer China and rising inventory levels.

A Reuters poll of 37 analysts and economists indicates that Brent crude oil prices are expected to average $82.86 per barrel in 2024, down from the July forecast of $83.66. US crude oil prices are projected to average $78.82 this year, slightly lower than last month’s estimate of $79.22.

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Afghanistan continues to pose multiple security threats to neighborly countries. Afghan interim government commonly known as the Taliban regime recently celebrated the third anniversary of their takeover of Kabul. Taliban’s speedy takeover and the quick meltdown of the Ashraf Ghani regime both are remembered as meaningful surprising events in the checkered history of Afghanistan. The subsequent withdrawal of US troops from Afghanistan triggered numerous intriguing questions. The apparent hasty withdrawal of American forces though celebrated as a victory by the Taliban however it could not bring any stability to Afghanistan. Though withdrawal took place under Joe Biden’s watch, however, the grounds were prepared by the Trump administration prior to leaving the white house consequent to election defeat. The arrival of the Taliban in Kabul as an uncontested force on 15th Aug 2021 made the whole American campaign a shadowy affair stretched over almost two decades. Critiques are justified in questioning the outcome of such a lengthy military and political campaign orchestrated by the USA in Afghanistan. No satisfactory response has ever surfaced from the State Department and Pentagon sides about the quick meltdown of the Afghan National Army. It is obvious that the surprisingly expeditious winding up of the Ashraf Ghani regime further exposed the weaknesses of the whole American prescription applied to heal Afghanistan. The multiple damaging effects of the ill-conceived strategy on the war-torn society of Afghanistan are not too difficult to understand. Present-day Afghanistan is more polarized and unsettled under the Taliban’s unelected regime. The demolition of the political façade in August 2021 was not a sudden development but rather a much-expected outcome of the dubious Doha agreement. Analysts having fair insight into the Afghan dynamics were apprehensive about the American deal with the Taliban while Ashraf Ghani was very much present in the office of President. Simply put, the American direct agreement with the Taliban in Doha was actually the beginning of the end of Ashraf Ghani's regime. Bitterness in bilateral ties between Pakistan and Afghanistan has been constantly growing over the issue of cross-border terrorism. Against all the positive expectations of Islamabad, the interim Afghan government has not responded against the Khawarij which comprises the banned TTP and its numerous splinter groups. Ironically, the Taliban regime is providing all sorts of support to those Khawarij terrorists who are involved in attacks on Pakistani security forces, unarmed civilians and military installations. Facts and figures clearly reflect the alarming rise in cross-border terrorist attacks inside Pakistan after the arrival of the Taliban on Kabul’s throne. Pakistan has rightly questioned the liberty of action granted to the Khawarij terrorists on Afghan soil by the interim Taliban setup. These genuine security concerns have been conveyed to the Taliban regime through all available channels. Repeated engagements from the Pakistan side via diplomatic, political, religious and media channels, nothing positive could not gain any breakthrough in finishing the bloody cycle of terrorism. Growing security concerns gradually taking the shape of anger in Pakistan because huge losses to men and materials are crossing the limits of patience. Unwise rulers of Kabul are acting against the interests of a neighbor like Pakistan who always stood alongside Afghan brethren in hours of need. It seems that sympathizers of Khawarij (banned TTP) are now dominating the interim Afghan government and saner elements have lost their say in the decision-making process. Multiple reports released by the UN, EU and international watchdogs have revealed undeniable information about the active presence of global terrorist groups in Afghanistan. The Taliban regime is in denial mode and seems in a mood to continue with the present harmful policies. The loud arrogance of Taliban officials on the highly objectionable stance about cross-border terrorism is endangering regional peace. In a recent statement, the military chief of the interim Afghan government Qari Fasihuddin Fitrat has denied any presence of banned TTP elements in Afghanistan. This absurd denial is credible evidence of the Taliban’s contradicting stance about the presence of Khawarij (Banned TTP) on Afghan soil. How Qari Fasihullah Fitrat can ask for evidence of Khawarij’s existence while Taliban supreme leader Hibatullah Akhundzadah urged Afghans through a fatwa to refrain from joining the terrorism spree of banned TTP against Pakistan last year. This unambiguous religious decree released by none other than the supreme Taliban leader is itself strong evidence of Khawarij’s anti-Pakistan designs. It is also evident that the top leadership of the Taliban especially supreme leader Habibullah Akhudzada comprehends the undesired complications linked to the cross-border terrorism from Afghan soil. Bleak consequences of flawed terrorism-specific policies are widely hurting Afghanistan’s repute and relations with neighborly countries. Hollowness of Taliban’s denial can be measured from the multiple killings of Khawarij (TTP) wanted commanders on Afghanistan’s soil. A recent report released by a sub-committee of the UN Security Council has openly mentioned the banned TTP as the biggest terrorist group operating with impunity from Afghanistan. Being an unelected force, the Taliban’s rule in Afghanistan lacks legitimacy. The commitment of such an illegitimate regime with the banned terrorist groups of various brands merits a regional response as already proposed by PM Shahbaz Sharif during a recent past event at the SCO forum.

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