In a recent update, the federal government has announced a reduction in petrol prices in Pakistan. Starting from August 1, 2024, the new petrol price is set at Rs. 269.43 per liter, down from the previous Rs. 275.60. The reduction follows two consecutive price hikes and is part of a broader adjustment, which also sees the price of high-speed diesel (HSD) drop by Rs. 10.86 per liter, now at Rs. 272.77, compared to the previous Rs. 283.63 per liter.
Earlier, the anticipated drop in petrol price was projected to be Rs. 5.50 per liter, while HSD was expected to decrease by Rs. 11.06. Additionally, kerosene oil and light diesel oil (LDO) were forecasted to see reductions of Rs. 5.84 and Rs. 5.07 per liter, respectively. This adjustment comes as a response to a decline in international prices, which saw petrol prices fall by approximately $2 per barrel and HSD by around $2.93 per barrel over the last two weeks.
However, there is a caveat. Sources have hinted that the introduction of a potential Rs. 5 per liter petroleum levy could significantly offset these reductions. This levy might reduce the effective decrease in petrol prices to just Rs. 0.50 per liter and diesel prices to Rs. 6.06 per liter.
Reflecting on past adjustments, the price of petrol had surged by Rs. 17.44 per liter and diesel by Rs. 15.74 per liter over the last two fourteen-day periods ending July 31.
What are your thoughts on the revised petrol price in Pakistan? Let us know in the comments section!
