Petrol Price Drops by Rs8.47 per Litre
Government Announces Reduction:
The government has approved a reduction of Rs8.47 in the price of petrol per litre, bringing the new rate down to Rs260.96 from Rs269.43. This adjustment will be in effect for the next fortnight.
Reason for the Drop:
The decrease is attributed to a fall in global fuel prices. This is the second consecutive price cut in the past two weeks, following a previous reduction of Rs6.17 per litre.
Impact and Timing:
– Public Relief: The price drop comes as a significant relief to consumers, particularly as the nation celebrates its 77th Independence Day on August 14.
– Middle and Lower-Middle Classes: The reduction benefits individuals who use petrol for personal transportation, including small vehicles, rickshaws, and two-wheelers, thereby easing their financial burden.
Petroleum Development Levy (PDL):
Despite the reduction in petrol prices, the PDL remains unchanged. The federal government had previously increased the levy by Rs10 per litre—from Rs60 to Rs70—in the 2024-25 budget.
Broader Context:
– High-Speed Diesel: While petrol prices have decreased, high-speed diesel remains a crucial factor in transportation and agriculture. It affects the prices of goods and food items, as it is used in heavy transport vehicles, trains, and agricultural machinery.
– Economic Impact: The drop in petrol prices is expected to positively affect the budgets of the middle and lower-middle classes, who are more affected by fluctuations in fuel prices.
This price adjustment reflects ongoing global trends in fuel pricing and provides notable economic relief amid rising costs of living.
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