Petrol and Diesel Prices Reduced in Pakistan

Jawad

31 May 2024

496

Petrol and Diesel Prices Reduced in Pakistan

The federal government has announced a significant reduction in fuel prices, lowering the cost of petrol by Rs. 4.74 per liter and diesel by Rs. 3.86 per liter. According to the Finance Ministry's notification, the new petrol price is set at Rs. 268.36 per liter, down from Rs. 273.10 per liter. Diesel will now cost Rs. 270.22 per liter. This marks the third consecutive reduction in fuel prices in Pakistan, effective from June 1, 2024, for the upcoming two weeks.

Product	Old Prices	New prices	Change
Petrol	273.10	268.36	-4.74
Diesel	274.08	270.22	-3.86

Reasons Behind the Price Drop

The decrease in fuel prices is primarily attributed to a decline in international crude oil rates, the stabilization of the Pakistani rupee against the US dollar, and improved economic conditions within the country. This reduction is a welcome relief for the general public, as fuel costs are closely linked to the inflation rate in Pakistan, impacting the overall cost of living.

Petroleum Levy Collection

In addition to the price reduction, the government has reached the maximum allowable petroleum levy of Rs. 60 per liter on both petrol and high-speed diesel (HSD). This has resulted in the collection of Rs. 720 billion in the first nine months ending March 31. The budget target for the current fiscal year aims to collect Rs. 869 billion as a petroleum development levy (PDL), in line with agreements made with the International Monetary Fund (IMF).

Impact and Outlook

These fluctuations in fuel prices underscore the importance of monitoring global and domestic trends in the petroleum market. The recent price cuts are expected to ease the financial burden on citizens and potentially lower inflation.

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