ISLAMABAD: Pakistan’s federal government on Wednesday announced a significant reduction in petrol and diesel prices, reducing the petrol price by Rs6.17 per litre for the next fortnight, effective August 1. The move follows a decline in global oil prices and is aimed at providing relief to consumers amid fluctuating international rates.
In a statement released by the Prime Minister Office, it was confirmed that the price of petrol will drop by Rs6.17 per litre, setting the new price at Rs269.43. This adjustment comes after the previous increase of Rs9.99 per litre, which was implemented from July 16 to July 31.
High-speed diesel (HSD) will also see a notable decrease. The new rate will be Rs272.77 per litre, down from the previous Rs283.63 per litre. This represents a reduction of Rs10.86 per litre. The price of kerosene has been cut by Rs6.32 per litre, reducing it to Rs177.39 from Rs183.71.
Similarly, the price for light diesel oil (LDO) has been decreased to Rs160.53 per litre, down from Rs166.25, marking a reduction of Rs5.72 per litre.
The Oil and Gas Regulatory Authority (OGRA) calculated these adjustments based on the recent decline in global oil prices and changes in the exchange rate. The decision to lower prices was approved by Prime Minister Shehbaz Sharif.
The recent price cuts follow a period of rising fuel costs. During the previous fortnight, the price of petrol was increased by Rs9.99 per litre, and high-speed diesel saw a hike of Rs6.18 per litre. Despite these increases, the government has maintained the petroleum development levy (PDL) at Rs60 per litre, unchanged from earlier rates.
The reduction in fuel prices is expected to provide some relief to the middle and lower-middle classes, who are heavily reliant on petrol for private transportation, including small vehicles, rickshaws, and two-wheelers. The cost of high-speed diesel, which is essential for heavy transport vehicles, trains, and agricultural machinery, also significantly influences the prices of essential goods, including vegetables and other food items.
