Prime Minister Shehbaz Sharif has announced a significant reduction in the prices of petrol and high-speed diesel (HSD) for the next fortnight, providing much-needed relief to the masses. The price of petrol has been cut by Rs1.86 per litre, now standing at Rs259.1, while HSD sees a reduction of Rs3.23, with a new price of Rs262.75 per litre. Additionally, kerosene oil prices have been slashed by Rs2.15 to Rs169.62 per litre, and light diesel oil by Rs2.97 to Rs154.05 per litre.
International market trends played a key role in these price adjustments, with petrol and HSD prices dropping due to a decrease of $2 to $2.30 per barrel in the last fortnight. The import premium on petrol dropped by 50 cents per barrel to $8.50, while on HSD it remained at $5 per barrel. The government is also set to increase the petroleum levy to collect more revenue in the next fiscal year.
Despite the current tax rates and levies, the government aims to provide relief to the masses through these price adjustments. The reduction in fuel prices will positively impact the economy and the everyday lives of the people.
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