Petrol and Diesel Price Cut Expected

Jawad

29 Jul 2024

292

Petrol and Diesel Price Cut Expected

The government plans to lower fuel prices from August 1, 2024, following recent crude oil price shocks. Reports suggest petrol may drop by Rs. 5.50 per liter, while high-speed diesel (HSD) could decrease by Rs. 11.06 per liter. Kerosene oil and light diesel oil (LDO) are also expected to see price cuts.

New Fuel Prices

With these adjustments, petrol's new price would be Rs. 270.10 per liter, down from Rs. 275.60. HSD is expected to decrease to Rs. 272.57 per liter from the current Rs. 283.63. Kerosene oil and LDO will also experience reductions.

Decline in International Prices

The price cuts are influenced by a drop in international oil prices, with petrol and HSD falling by approximately $2 to $3 per barrel. This global trend has led to a potential reduction in local fuel prices.

Impact of Potential Levy Increase

However, an increase in the petroleum levy by Rs. 5 per liter could diminish the expected relief. The potential levy hike may reduce the petrol price drop to Rs. 0.50 per liter and diesel to Rs. 6.06 per liter.

Recent Price Hikes

Over the last month, petrol prices have increased by Rs. 17.44 per liter, while diesel has seen a rise of Rs. 15.74 per liter. Despite the upcoming decrease, the volatility in fuel prices continues to affect consumers.

Petrol price drop Diesel price reduction Fuel cost decrease New fuel rates August petrol prices Government fuel relief Fuel price adjustment Lower petrol rates Diesel price update Fuel levy impact Petrol and Diesel Prices Diesel Prices

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