Prime Minister Shehbaz Sharif recently approved a significant reduction in petrol and high-speed diesel (HSD) prices for the next fortnight. The price of petrol was cut by Rs6.17 per litre, bringing it down to Rs269.43, while HSD saw a reduction of Rs10.86 per litre, with the new price set at Rs272.77.
This decision came after international market prices for petroleum products decreased, prompting the government to adjust local prices accordingly. The cuts were higher than anticipated, with petrol and HSD prices expected to drop by Rs3 and Rs8.50 per litre respectively.
Despite recent price hikes, the government’s move to reduce petrol and HSD prices will provide relief to consumers. The change in prices is based on fluctuations in international markets and import premiums.
With these adjustments, the government aims to improve affordability for the general public while also managing revenue collection targets for the upcoming fiscal year.
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