ISLAMABAD: Pakistan’s federal government announced a significant reduction in fuel prices, effective August 1. The price of petrol will decrease by Rs6.17 per litre, bringing it down to Rs269.43. This adjustment follows a recent drop in global oil prices and aims to ease the financial burden on consumers amid fluctuating international rates.
In a statement from the Prime Minister’s Office, it was confirmed that the price cut comes after a previous hike of Rs9.99 per litre that was in effect from July 16 to July 31. The price of high-speed diesel (HSD) will also see a notable decrease, falling by Rs10.86 per litre to Rs272.77, down from Rs283.63. Additionally, the price of kerosene has been reduced by Rs6.32 per litre, bringing it to Rs177.39 from Rs183.71, and light diesel oil (LDO) will now cost Rs160.53 per litre, down from Rs166.25.
These price adjustments were determined by the Oil and Gas Regulatory Authority (OGRA) based on recent declines in global oil prices and fluctuations in the exchange rate. Prime Minister Shehbaz Sharif approved the reduction.
This price cut follows a period of rising fuel costs, during which petrol prices increased by Rs9.99 per litre and high-speed diesel saw a Rs6.18 per litre hike. Despite these increases, the government has kept the petroleum development levy (PDL) unchanged at Rs60 per litre.
The reduction in fuel prices is expected to offer relief to the middle and lower-middle classes, who rely on petrol for private transportation, including small vehicles, rickshaws, and two-wheelers. The cost of high-speed diesel, which impacts heavy transport, trains, and agricultural machinery, also affects the prices of essential goods such as vegetables and other food items.
