PM Shehbaz approves fuel price cut ahead of Independence Day
The government has announced a reduction of Rs8.47 per litre in petrol prices for the next two weeks, following a decline in global fuel prices.
The price of petrol has decreased from Rs269.43 to Rs260.96 per litre.
Similarly, high-speed diesel (HSD) prices have been lowered by Rs6.7 per litre, dropping from Rs272.77 to Rs266.07.
The Ministry of Information released the announcement on Tuesday.
The fuel price reduction comes as a significant relief for the public, coinciding with the 77th Independence Day celebrations on August 14.
This is the second consecutive reduction in POL (petrol, oil, lubricants) prices within two weeks, driven by low demand and consumption of POL products in the world’s major economies, according to The News.
In the previous fortnightly review, petrol prices were reduced by Rs6.17 per litre.
Despite the relief, the petroleum development levy (PDL) remains unchanged, even though the government raised it by Rs10 per litre—from Rs60 to Rs70—in the 2024-25 federal budget.
Petrol, also known as mogas, is primarily used in private vehicles, rickshaws, two-wheelers, and small transportation. Higher fuel prices heavily impact middle and lower-middle-class households, which rely on petrol for commuting.
Meanwhile, the transport sector heavily depends on high-speed diesel, making its price a key driver of inflation. HSD is used in heavy vehicles, trains, and agricultural machinery like buses, trucks, tractors, tube wells, and threshers.
High-speed diesel consumption also influences the rising costs of vegetables and other food items.
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