Prime Minister Shehbaz Sharif has announced a significant reduction in petrol and high-speed diesel (HSD) prices, providing a much-needed relief to the people ahead of Independence Day. The petrol price has been decreased by Rs8.47 per litre, while HSD will now cost Rs6.7 less per litre. This move is being hailed as a “big gift” for the citizens, with the new prices set at Rs260.96 for petrol and Rs266.07 for HSD.
While no changes have been mentioned for light diesel oil and kerosene oil prices, the reduction in petrol and HSD rates was expected due to lower international prices. Sources revealed that international prices fell by over $3 per barrel in the last fortnight, with petrol priced at $84 per barrel and HSD at $91. The government has also increased the petroleum levy to Rs70 per litre to boost revenue collection in the upcoming fiscal year.
With the reduction in prices, the ex-depot petrol price now stands at Rs269.43 per litre and HSD at Rs272.77 per litre. The government’s efforts to ease the burden on consumers by adjusting taxes and levies on petroleum products are commendable and will help in alleviating the impact on the general public.