Today's Petrol Price in Pakistan Drops by Rs. 10.20/L

Jawad

15 Jun 2024

340

Today's Petrol Price in Pakistan Drops by Rs. 10.20/L

The federal government has announced a reduction in petrol prices in Pakistan, effective from June 15, 2024. The price of petrol has been lowered by Rs. 10.20 per liter, bringing the new rate to Rs. 258.16 per liter, down from the previous Rs. 268.36 per liter. This price adjustment will be in place for the next fortnight. In addition, the price of diesel has been decreased by Rs. 2.33 per liter, making the new price Rs. 267.89 per liter, compared to the previous Rs. 270.22 per liter.

Petroleum Type	Old Price	New Price	Difference
Petrol	268.36 PKR	258.16 PKR	-10.20 PKR
High Speed Diesel (HSD)	270.22 PKR	267.89 PKR	-2.33 PKR
Light Diesel Oil (LDO)	166.86 PKR	166.86 PKR	-
Kerosene Oil	186.86 PKR	186.86 PKR	-

International Market Influence

The reduction in petrol prices is largely attributed to a recent drop in international market prices, where the cost of high-speed diesel (HSD) and petrol fell by $2.7 and $3.75 per barrel, respectively, over the past two weeks. This marks the fourth consecutive reduction in fuel prices in Pakistan, providing significant relief to consumers despite the high taxes on petroleum products.

Revised Petroleum Levy

However, in the new fiscal budget for 2024-25, the government has increased the petroleum levy on both petrol and diesel from Rs. 60 per liter to Rs. 80 per liter. This hike indicates that fuel prices are expected to rise significantly in the near future. Prime Minister has acknowledged this upcoming increase, stating that it will be implemented in phases rather than a single hike.

IMF-Driven Reforms

The government’s decision to adjust the petroleum levy is part of the IMF-recommended reforms, crucial for securing the next loan program with the International Monetary Fund. These measures are essential for maintaining the country's economic stability, although they come at the cost of increased fuel prices.

Public Reaction and Impact

The increase in the petroleum levy from Rs. 60 to Rs. 80 per liter was initially introduced to meet IMF requirements. This move reflects the government's ongoing struggle to boost revenue through taxation while eliminating subsidies on consumption. The reduction in petrol prices is a welcome relief, but the anticipated future increases could strain the daily lives of ordinary citizens.

What are your thoughts on the latest petrol price adjustment in Pakistan? How do you think it will affect the daily lives of people? Share your views in the comments section.

Petrol Price Pakistan Today Fuel Price Pakistan Petrol Update Fuel Price Reduction Current Petrol Rate Pakistan Fuel Costs Daily Fuel Prices Pakistan Gasoline Prices Fuel Price Today Petrol Prices Updates

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