ISLAMABAD: Due to a drop in global oil prices, Pakistan is expected to implement a significant reduction in petrol prices starting August 15, as reported by ARY News on Monday.
Sources indicate that the petrol price may decrease by over Rs9 per litre, while high-speed diesel (HSD) could see a reduction of up to Rs8.50 per litre. Kerosene oil is also likely to become cheaper by Rs12 per litre.
The final decision on the revised prices will be made by Finance Minister Muhammad Aurangzeb in consultation with Prime Minister Shehbaz Sharif.
Recently, the federal government reduced the prices of petrol and HSD for the current fortnight by Rs6.17 and Rs10.86, respectively. Currently, petrol is priced at Rs269.43 per litre, while HSD costs Rs272.77 per litre. Kerosene oil is being sold at Rs177.39 per litre, up from its previous price of Rs173.48.
It is important to note that the government is imposing a petroleum levy of Rs70 per litre on both petrol and HSD, while these fuels are exempt from the general sales tax (GST). The Finance Bill 2024 proposes a maximum petroleum levy limit of Rs80 per litre, with the aim of generating Rs1.28 trillion in the upcoming fiscal year.
