The Government of Pakistan has announced a reduction in fuel prices as part of its regular price review. Petrol has been reduced by Rs2.07 per litre, now costing Rs247.3 per litre, while high-speed diesel (HSD) saw a Rs3.4 per litre cut, bringing the new price to Rs246.29 per litre.
Additionally, light diesel prices decreased by Rs1.3 to Rs140.9 per litre, and kerosene oil prices dropped by Rs3.57 per litre.
This price cut follows a global drop in crude oil prices. Despite a recent rise of $2.50 per barrel, pushing the global price back to $72 per barrel, the government decided to lower fuel costs to help consumers amid rising living expenses. The changes take effect immediately.
A government-approved formula determines petroleum prices in Pakistan. The petroleum levy was raised from Rs60 to Rs70 per litre in the fiscal budget to meet revenue targets. There’s also a Rs78 per litre tax on petrol and HSD, along with customs duties of Rs8 per litre, regardless of local production or importation.
Since May, fuel prices have decreased by Rs47.54 per litre, according to Petroleum Minister Musadik Malik, who noted that Pakistan buys fuel at global market rates with some discounts.
