ISLAMABAD: Following a decline in global oil prices, Pakistan is set to see another significant reduction in petrol and diesel prices starting August 15. Sources indicate that the price of petrol could drop by over Rs9 per liter, while high-speed diesel (HSD) may see a decrease of up to Rs8.50 per liter.
New Fuel Prices Overview
If these predictions hold true, the price of petrol, currently at Rs269.43 per liter, could be reduced substantially. Similarly, HSD, which is presently priced at Rs272.77 per liter, may also see a notable decrease. Kerosene oil, currently at Rs177.39 per liter, is expected to become cheaper by Rs12 per liter.
Government Policy and Petroleum Levy
In Pakistan, a petroleum levy of Rs70 per liter is currently imposed on petrol and diesel. This levy is exempt from the general sales tax (GST). The Finance Bill 2024 proposes increasing the maximum petroleum levy limit to Rs80 per litre, aiming to collect Rs1.28 trillion in the new fiscal year.
Previous Price Adjustments
Recently, the federal government reduced the prices of petrol and HSD by Rs6.17 and Rs10.86, respectively. These reductions were aimed at easing the financial burden on consumers and adjusting to fluctuating global oil prices.
Impact on Daily Life
The anticipated reduction in fuel prices will likely have a noticeable impact on daily life. Lower petrol and diesel prices will decrease transportation costs, which will benefit consumers by reducing their overall expenses. Additionally, these reductions could help manage inflation and ease the financial pressures on households.
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