Petrol Price in Pakistan Slashed by Rs. 6.17/- Per Litre

Jawad

31 Jul 2024

305

Petrol Price in Pakistan Slashed by Rs. 6.17/- Per Litre

The federal government has reduced the price of petrol in Pakistan. According to a notification from the Finance Ministry, the new prices will be effective from August 1, 2024, for the next two weeks. The price of petrol has been lowered to Rs. 269.43 per liter from the previous Rs. 275.60. Similarly, the price of high-speed diesel (HSD) has decreased by Rs. 10.86 per liter, now costing Rs. 272.77 per liter compared to the former Rs. 283.63 per liter.

Petroleum Type	Old Price	New Price	Difference
Petrol	PKR 275.60	PKR 269.43	-6.17
High Speed Diesel (HSD)	PKR 283.63	PKR 272.77	-10.86

Previous Increases and New Expectations

This reduction follows two consecutive hikes in petrol prices. Earlier reports had predicted a smaller decrease, with petrol expected to drop by Rs. 5.50 per liter and HSD by Rs. 11.06 per liter. Additionally, kerosene oil and light diesel oil (LDO) prices were projected to decrease by Rs. 5.84 and Rs. 5.07 per liter, respectively.

International Price Decline

Industry insiders noted a drop in international prices of crude oil, which influenced the domestic price reduction. Over the last fourteen days, the price of petrol internationally decreased by $2 per barrel, from $89.50 to $87.50. The price of HSD fell by approximately $2.93 per barrel, dropping from $96.93 to $94.

Impact of Petroleum Levy

There is a possibility of a Rs. 5 per liter increase in the petroleum levy, which could reduce the benefits of the price cut. If implemented, the price of petrol might decrease by only Rs. 0.50 per liter, while diesel could see a reduction of Rs. 6.06 per liter instead of the initially planned decrease.

Recent Price Trends

In the last two fortnights, petrol prices rose by Rs. 17.44 per liter, and diesel prices increased by Rs. 15.74 per liter. The recent changes in pricing reflect these fluctuations and adjustments in the international market.

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