ISLAMABAD: Pakistan is expected to see a major reduction in petrol prices from August 15 following a decline in global oil prices, local media reported.
The likely decrease follows a recent drop in global oil prices, which has prompted the government to consider providing much-needed relief to consumers.
According to media reports, the price of petrol could decrease by more than Rs9 per liter. High-speed diesel (HSD) is also likely to see a reduction of up to Rs8.50 per liter. Additionally, kerosene oil may become cheaper by Rs12 per liter.
Currently, petrol is priced at Rs269.43 per liter, while HSD costs Rs272.77 per liter. Kerosene oil, on the other hand, is available at Rs177.39 per liter, an increase from its previous price of Rs173.48 per liter.
The final decision on the new fuel prices will be made by Finance Minister Muhammad Aurangzeb, in consultation with Prime Minister Shehbaz Sharif. This move follows a previous adjustment where the federal government had reduced petrol and high-speed diesel prices for the current fortnight by Rs6.17 and Rs10.86, respectively.
The government currently imposes a petroleum levy of Rs70 per liter on both petrol and HSD. However, these fuels are exempt from the general sales tax (GST). The Finance Bill 2024 has proposed an increase in the maximum petroleum levy to Rs80 per liter. This adjustment is part of a broader strategy to collect Rs1.28 trillion in the new fiscal year.
