PM Shehbaz announces major fuel price cuts on Independence Day eve

Price of petrol has been slashed by Rs8.47 per litre while diesel price lowered by Rs6.7 per litre

Prime Minister Shehbaz Sharif has announced a significant reduction in petroleum product prices as a “gift to the nation on Independence Day”, state broadcaster PTV reported on Tuesday.

The price of petrol has been slashed by Rs8.47 per litre, bringing it down from Rs269.43 to Rs260.96.

Similarly, the price of diesel has been reduced by Rs6.7 per litre, lowering it from Rs272.77 to Rs266.07 per litre.

وزیراعظم شہباز شریف کا یومِ آزادی پر عوام کے لئے بڑا تحفہ

پٹرولیم مصنوعات کی قیمتوں میں زبردست کمی

پٹرول کی قیمت 8.47 روپے اور ڈیزل کی قیمت 6.7 روپے فی لیٹر کم کر دی گئی

پٹرول کی فی لیٹر قیمت 269.43 روپے سے کم ہو کر 260.96 روپے ہوگئی

ڈیزل کی فی لیٹر قیمت 272.77 روپے سے کم ہو… pic.twitter.com/IXzFc8fEDT

— PTV News (@PTVNewsOfficial) August 13, 2024

The statement did not indicate any changes to the prices of light diesel oil or kerosene oil.

Earlier, it was reported that a significant reduction in fuel prices was on the cards which may provide the much-needed relief, as Pakistani consumers are already grappling with high inflation and taxes.

Price calculation is based on current rates of taxes on petroleum products. In the budget for fiscal year 2024-25, the government has increased the petroleum levy ceiling from Rs60 to Rs70/litre. However, it has been kept unchanged so far at Rs60/ litre. Earlier, Prime Minister Shehbaz Sharif approved a reduction in the price of diesel by Rs10.86/litre, effective from August 1, 2024, in line with the decrease in global oil prices.

The price of petrol was reduced by Rs6.17/litre, kerosene oil by Rs6.32/ litre and LDO by Rs5.72/litre. The Oil and Gas Regulatory Authority worked out the consumer prices of petroleum products, based on fluctuations in the international market.