Islamabad, August 31, 2024 – In a move that falls short of the anticipated significant reductions, Pakistan has cut the price of petrol by only Rs 1.86 per liter. This adjustment, which aligns with the recent downward trend in global oil markets, will come into effect from September 1.
According to an official statement, the new price of petrol will be Rs 259.10 per liter, down from Rs 260.96. The statement also noted a decrease in the price of high-speed diesel (HSD), which has been reduced by Rs 3.32, bringing the new rate to Rs 262.75 per liter, down from Rs 266.07.
Here is a summary of the revised prices:
• Petrol: Reduced from Rs 260.96 to Rs 259.10 per liter (a decrease of Rs 1.86)
• High-Speed Diesel (HSD): Reduced from Rs 266.07 to Rs 262.75 per liter (a decrease of Rs 3.32)
This marks the third consecutive reduction in fuel prices. Since July 30, the government has lowered the price of petrol by Rs 16.5, including a previous fortnightly cut of Rs 8.47 per liter, along with a reduction of Rs 6.70 per liter for diesel.
Petrol, or mogas, is predominantly used in private transportation, including small vehicles, rickshaws, and two-wheelers. The impact of petrol prices is particularly significant on the budgets of the middle and lower-middle classes, who rely heavily on petrol for their daily commutes.
High-speed diesel, on the other hand, plays a crucial role in the transport sector, powering heavy goods vehicles, trucks, buses, and agricultural machinery. It is also a key driver of inflation due to its widespread use in transporting goods, which affects the prices of vegetables and other essential commodities.
Despite the recent reductions, many consumers and industry stakeholders had hoped for more substantial cuts to alleviate the financial pressure on households and businesses affected by high fuel costs.
