ISLAMABAD: The federal government has announced a reduction in the prices of petroleum products. The price of petrol has been reduced by Rs8.47 per liter, and the price of diesel by Rs6.7 per liter.
According to media reports, Prime Minister Shahbaz Sharif announced the reduction in petroleum prices as a gift to the people on Independence Day (August 14).
After the reduction, the price of petrol per liter decreased from Rs269.43 to Rs260.96, while the price of diesel decreased by Rs6.7 per liter, from Rs272.77 to Rs266.07.
New Petrol, Diesel Price in Pakistan from 14 August 2024:
| Product | Previous Price (Rs/Liter) | New Price (Rs/Liter) | Price Reduction (Rs/Liter) |
|---|---|---|---|
| Petrol | 269.43 | 260.96 | 8.47 |
| Diesel | 272.77 | 266.07 | 6.70 |
It should be noted that yesterday, private media, citing its sources, reported that the prices of these important products in the world market have decreased by more than $3 per barrel during the last 15 days.
However, depending on the final calculation and the current tax rates, petrol prices are likely to decline by Rs8.50 to Rs9.20 per liter and diesel by Rs8 to 9 per liter.
Officials said that the average price of petrol in the international market has fallen to $84 per barrel in the last 15 days, while diesel prices have fallen to $91.
During the current 15 days, the import premium on both products remained at $9 per barrel on petrol and $5 per barrel on diesel. On the other hand, the rupee depreciated marginally against the dollar.
On July 31, the federal government had reduced the price of petrol by Rs 6.17 and diesel by Rs 10.86 per liter, after which petrol was available at Rs 269.43 and diesel at Rs 272.77.
