Pakistan may witness another notable reduction in petrol prices starting August 15, following a decline in global oil prices, Day News reported on Monday, citing sources.
According to the sources, the price of petrol could decrease by over Rs9 per litre, while high-speed diesel (HSD) may see a reduction of up to Rs8.50 per litre. Additionally, kerosene oil is likely to become cheaper by Rs12 per litre.
The final decision on these price adjustments will be made by Finance Minister Muhammad Aurangzeb, in consultation with Prime Minister Shehbaz Sharif. This follows a recent move by the federal government to reduce fuel prices in the previous fortnight. Specifically, petrol prices were slashed by Rs6.17 per litre, and HSD by Rs10.86 per litre.
Currently, petrol is being sold at Rs 269.43 per litre, while HSD is priced at Rs 272.77 per litre. Kerosene oil, on the other hand, is available at Rs177.39 per litre, slightly up from its earlier price of Rs173.48.
It’s important to note that the government is imposing a petroleum levy of Rs70 per litre on both petrol and HSD, although these fuels are exempt from the general sales tax (GST). The Finance Bill 2024 has proposed increasing the maximum petroleum levy limit to Rs80 per litre, with the goal of generating Rs1.28 trillion in revenue for the upcoming fiscal year.
This potential reduction in fuel prices comes as a relief to consumers, who have been facing fluctuating fuel costs in recent months. The government’s final decision will determine the extent of this relief, as global oil prices continue to influence local fuel rates.
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