Petrol price in Pakistan likely to be cut from Aug 15  

ISLAMABAD: Due to a drop in global oil prices, Pakistan may experience another substantial decrease in petrol prices starting from August 15, sources said on Monday.

It is reported that petrol prices could drop by over Rs9 per litre, while high-speed diesel (HSD) might see a reduction of up to Rs8.50 per litre. Additionally, kerosene oil could become cheaper by Rs12 per litre.

The final decision regarding the new prices will be made by Finance Minister Muhammad Aurangzeb, in consultation with Prime Minister Shehbaz Sharif. Recently, the federal government reduced the prices of petrol and HSD for the next fortnight by Rs6.17 and Rs10.86, respectively.

Currently, petrol is being sold at Rs269.43 per litre, while HSD is priced at Rs272.77 per litre. Kerosene oil is available at Rs177.39 per litre, down from its previous price of Rs173.48.

It’s important to note that the government is charging a petroleum levy of Rs70 per litre on petrol and HSD, while both are exempt from the general sales tax (GST). The Finance Bill 2024 has proposed increasing the maximum petroleum levy to Rs80 per litre, with the goal of raising Rs1.28 trillion in the new fiscal year.