Islamabad, September 30, 2024 – In a welcome development for consumers, Pakistan’s federal government announced a significant reduction in petroleum prices for the first half of October 2024.
The move comes as part of efforts to alleviate inflationary pressures and provide economic relief to a populace grappling with rising living costs.
According to an official notification issued on Monday, the price of petrol has been reduced by Rs2.07 per litre, bringing the cost down from Rs249.10 to Rs247.03 per litre. The new pricing structure will come into effect starting October 1, 2024. This latest adjustment is part of a broader effort to cushion the economic impact of global energy price fluctuations on Pakistani consumers.
The reduction extends beyond petrol. High-speed diesel (HSD), a critical fuel for Pakistan’s transport and agricultural sectors, has seen a larger cut of Rs3.40 per litre, lowering its price from Rs249.69 to Rs246.29. Kerosene oil, which is primarily used for heating and lighting in rural areas, has also experienced a price reduction of Rs3.57 per litre, bringing it down to Rs154.90. Light diesel oil, another essential fuel, has dropped by Rs1.03 per litre, setting the new price at Rs140.90.
Revised Petroleum Prices for October (per litre):
• Petrol: Rs247.03 (decrease of Rs2.07)
• High-Speed Diesel (HSD): Rs246.29 (decrease of Rs3.40)
• Kerosene Oil: Rs154.90 (decrease of Rs3.57)
• Light Diesel Oil: Rs140.90 (decrease of Rs1.03)
This announcement follows a series of fuel price cuts in recent months, driven by Prime Minister Shehbaz Sharif’s directive to ease the financial burden on citizens. Over the past two months, petrol prices have been slashed by a cumulative Rs28.57 per litre, while diesel has seen a reduction of Rs37.51 per litre. Earlier, on September 15, the government reduced petrol prices by Rs10 per litre and high-speed diesel by Rs13.06 per litre.
Petrol, also known as mogas, is the fuel of choice for private transportation, small vehicles, rickshaws, and two-wheelers, making any price change immediately impactful for middle- and lower-middle-class households. Rising petrol prices have historically strained household budgets for this demographic, making this reduction a notable relief.
High-speed diesel, essential for heavy transport vehicles, trucks, buses, and agricultural machinery, holds a key role in shaping the nation’s inflation rate. Its price directly influences the cost of transporting goods, particularly food items such as vegetables, whose prices are sensitive to fluctuations in diesel costs.
This latest price reduction is expected to bring temporary respite, especially as the government continues to navigate the challenges of global oil market volatility.
