rewrite this title with different wordingPetrol Price in Pakistan Reduced by Rs. 6.17/L

The federal government has announced a reduction in the petrol price in Pakistan today. According to a notification by the Finance Ministry, the new prices will be applicable from August 1, 2024, for the next fortnight. After the revision, the new price of petrol is Rs. 269.43/liter from the previous Rs. 275.60. Meanwhile, after a reduction of Rs. 10.86 per liter, the new price of high-speed diesel (HSD) is Rs. 272.77 /liter against the previous Rs. 283.63/liter. 

It is important to mention that these rates have been reduced after two consecutive hikes in the petrol price in Pakistan. 

Earlier Reports on Petrol Price in Pakistan 

As per the earlier reports, the price of petrol was expected to decrease by Rs. 5.50 per liter, whereas the price of high-speed diesel (HSD) would decrease by Rs. 11.06. Meanwhile, the price of kerosene oil and light diesel oil (LDO) is projected to go down by Rs. 5.84 and 5.07 per liter, respectively.

Industry insiders reported a decline of roughly $2 and $3 per barrel, respectively, in the international prices of these primary products during the previous fourteen days.

Officials reported a decrease in the average international prices of petrol and HSD over the last fourteen days. Petrol prices declined by $2 per barrel, from $89.50 to $87.50, and HSD prices fell by approximately $2.93 per barrel, from $96.93 to $94.

What If Petroleum Levy Is Added?

Sources cautioned that a potential Rs. 5 per liter increase in the petroleum levy for both petrol and diesel could significantly diminish the anticipated relief. This could result in a reduction in the price of petrol to only Rs 0.50 per liter and a decrease in the cost of diesel to Rs. 6.06 per liter.

Over the last two fourteen-day periods, concluding on July 31, the price of petrol escalated by Rs. 17.44 per liter, while diesel experienced an increase of Rs. 15.74 per liter.

What do you think about the revised petrol price in Pakistan.? Please share your thoughts with us in the comments section.