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Friday November 22, 2024

Petrol price in Pakistan goes down by Rs1.86 per litre

Diesel price slashed by Rs3.32; new prices will be effected from September 1

By Saif Ur Rehman
August 31, 2024
A view of large number of motorcyclist filling fuel from PSO petrol pump in Hyderabad on July 2, 2022. — APP
A view of large number of motorcyclist filling fuel from PSO petrol pump in Hyderabad on July 2, 2022. — APP

ISLAMABAD: Following the approval of Prime Minister Shehbaz Sharif, the federal government on Saturday announced reduction in petrol price by Rs1.86 per litre for the third time in a row.

The new fuel prices will be effective from September 1, according to an official statement.

The statement said the petrol price has been reduced from Rs260.96 per litre to Rs259.10 per litre.

ProductsExisting price
New price
Increase/Decrease
Petrol
269.96
259.10
-1.86
High Speed Diesel (HSD)
266.07
262.75
-3.32

The government also reduced price of high-speed diesel (HSD) from Rs266.07 per litre to Rs262.75 after a cut of Rs3.32.

The relief in petroleum products prices is the third in a row, with the government reducing petrol price by Rs16.5 since July 30.

In the previous fortnightly review, the government reduced prices of petrol and diesel by Rs8.47 per litre and Rs6.70 per litre, respectively.

Petrol, also called mogas, is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers. Higher fuel prices significantly impact the budgets of the members of the middle and lower-middle classes, who primarily consume petrol for commuting. On the other hand, a significant portion of the transport sector relies on high-speed diesel.

Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.

The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.