Govt announces massive decrease in petrol prices; Check latest rates here

ISLAMABAD: The prices of petroleum products have been drastically reduced; the price of petrol has been reduced by 8.47 rupees, and the price of diesel has been reduced by 6.07 rupees per litre.

Petrol price per litter decreased from Rs 269.43 to Rs 260.96, while diesel price decreased from Rs 272.77 to Rs 266.07 per litre.

The announcement was made in a statement issued by the Ministry of Information on Tuesday.

The fuel price cut comes as a major relief for the masses on the occasion of Independence Day, as the country gears up for the celebration of 77 years of independence tomorrow (August 14).

Petrol & Diesel Rates from August 14

After the drop in global oil prices, petrol and diesel prices have been reduced in Pakistan. The reduction in POL will also bring a sigh of relief to inflation-affected consumers, who are facing inflation.

In the previous review, the government reduced petrol and high speed diesel (HSD) by Rs 6.17 and Rs 10.86 per litre, respectively.

Earlier, it was reported that a significant reduction in fuel prices was on the cards which may provide the much-needed relief, as Pakistani consumers are already grappling with high inflation and taxes.

Price calculation is based on current rates of taxes on petroleum products. In the budget for fiscal year 2024-25, the government has increased the petroleum levy ceiling from Rs60 to Rs70/litre.

However, it has been kept unchanged so far at Rs60/ litre. Earlier, Prime Minister Shehbaz Sharif approved a reduction in the price of diesel by Rs10.86/litre, effective from August 1, 2024, in line with the decrease in global oil prices.

More to follow…..