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The federal government has decreased the petrol price in Pakistan by Rs.4.74/liter, while the diesel price is revised by Rs. 3.86/liter According to a notification by Finance Ministry, the new price of petrol is Rs. 268.36/liter compared to old rate of Rs. Rs. 273.10/liter and diesel now stands at Rs. Rs. 270.22/liter. This is the third consecutive price reduction in the country. The new prices will be applicable from June 1, 2024 for the next fortnight.
Earlier Reports on Petrol Price in Pakistan
Earlier, media reports stated that the prices of fuel in Pakistan is expected to go down by up to Rs. 7 per liter. The major reason behind this drop is the global prices of petroleum goods. The international market has observed a drop of $3.25 and $2.10 per barrel in prices of petrol and high-speed diesel (HSD), respectively. Similarly, the premium on petrol witnessed the same trend, slashed to $9.70 from the previous $ 10.30 per barrel.
The prices came down due to international drop in the rate of crude oil, stability of PKR against the USD and stable economic conditions in the country – a good sign for a common person because petroleum prices are directly linked to the inflation rate in Pakistan.
The government has also reached the maximum allowable petroleum levy of Rs60 per liter on both petrol and HSD, collecting Rs720 billion in the first nine months ending March 31.
The budget target was set to collect Rs869 billion as petroleum development levy (PDL) on petroleum products for the current fiscal year, in line with commitments made to the International Monetary Fund (IMF).
These fluctuations in prices and sales highlight the importance of keeping an eye on global and domestic trends in the petroleum market.
What do you think about the revised petrol price in Pakistan? Do you think it will make an impact on day to day life of the citizens. Tell us in the comments section.
