Karachi, August 22, 2024 – Following are the petroleum prices in Pakistan effective from August 22, 2024 and will remain applicable till August 31, 2024.
According to the latest petroleum prices the petrol per liter is available at Rs 260.96 and high speed diesel is priced at Rs 266.07.
In a move aimed at providing some relief to the public, the government of Pakistan has announced revised petroleum prices that will remain in effect until August 31, 2024. The latest prices have been adjusted downward, reflecting the government’s ongoing efforts to mitigate the financial strain on citizens amid persistent inflationary pressures.
According to the revised rates, petrol is now priced at Rs 260.96 per liter, while high-speed diesel (HSD) is available at Rs 266.07 per liter. These reductions come on the heels of an earlier announcement on August 13, 2024, where the government slashed the price of petrol by Rs 8.47 per liter and high-speed diesel by Rs 6.70 per liter. The decision to reduce prices was made in response to the escalating cost of living, which has been exacerbated by high prices of commodities and essential items.
Petroleum prices in Pakistan are a significant driver of inflation, influencing the cost of transportation, goods, and services across the country. The recent reduction is expected to ease some of the financial burden on consumers, though the impact on overall inflation remains to be seen.
Despite the reduction, the cost of petroleum products in Pakistan remains high, largely due to the imposition of the petroleum levy. The government has opted to maintain a sales tax exemption on petroleum products to prevent further price hikes at the retail level. However, the petroleum levy has kept prices elevated, contributing to the high cost of living.
The reduction in petroleum prices is a positive step, but it is likely to provide only limited relief to the masses. The government has been under pressure to balance the need for revenue generation with the necessity of keeping inflation in check. The petroleum levy, while a crucial source of revenue for the government, has added to the financial strain on consumers.
As the end of the month approaches, all eyes will be on the government’s next move regarding petroleum prices. The public remains hopeful that further reductions may be on the horizon, offering additional relief in these challenging economic times. For now, the latest adjustments provide a glimmer of hope for those struggling to cope with the rising cost of living.