The federal government on Wednesday cut the price of petrol by Rs 6.17 per liter for the next fortnight following a fall in oil prices in global markets, according to a statement issued by the PM Office.
The new prices will be effective from August 1.
The Petroleum and Natural Gas Regulatory Authority (Ogra) has worked out consumer prices for the coming fortnight, based on international prices and exchange rate fluctuations, the statement said.
Following Prime Minister Shehbaz Sharif’s approval, petrol price was set at Rs 269.43 from Rs 275.60 per liter with a reduction of Rs 6.17.
The new price of high speed diesel (HSD) will be Rs 272.77 from the existing price of Rs 283.63 per liter after a reduction of Rs 10.86.
| Products | Existing price | New price | Increase decrease |
| Petrol | 275.60 Rs | 269.43 Rs | – Rs.6.17 |
| High Speed Diesel (HSD) | 283.63 Rs | 272.77 Rs | – Rs.10.86 |
| Kerosene oil | 183.71 Rs | 177.39 Rs | – Rs.6.32 |
| Light diesel oil | 166.25 Rs | 160.53 Rs | – Rs.5.72 |
Kerosene price was reduced by Rs 6.32 per liter bringing its price down to Rs 177.39 from Rs 183.71 per litre.
Subsequently, the rate of light diesel oil (LDO) was reduced to Rs 160.53 per liter against the current rate of Rs 166.25 per liter after a reduction of Rs 5.72 per litre.
The relief in POL [petrol, oil, lubricants] prices were expected after “a $1.50 per barrel reduction in the premium by Kuwait Petroleum Company (KPC) on diesel and less demand for POL products from the world’s best major economies such as the United States and China.” The news he said citing sources two days ago.
Last fortnight, petrol price was increased by Rs 9.99 per liter for 15 days, from July 16 to July 31. The rate of high speed diesel (HSD) has also been increased by Rs 6.18 per litre
However, the petroleum development levy (PDL) was kept unchanged despite the federal government increasing duty by Rs 10 per liter – from Rs 60 to Rs 70 – in the federal budget 2024-25, further burdening the inflation-hit masses .
Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, heavily affecting the budgets of the middle and lower middle classes.
However, a significant part of the transport sector relies on high-speed diesel. Its price is considered inflationary as it is mainly used in heavy transport vehicles, trains and agricultural machinery such as trucks, buses, tractors, tube wells and threshers, which is a major contributor to the increased prices of vegetables and other food items.
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