Relief as govt slashes petrol price by Rs10

Also cuts prices of all other petroleum products, including HSD, LDO, and kerosene oil

ISLAMABAD:

In a major relief, the government on Sunday reduced the price of petrol by Rs10 per liter in response to a drop in global oil prices. The prices of all other petroleum products, including high-speed diesel (HSD), kerosene oil, and light diesel oil (LDO), were also lowered.

According to a press release from the Finance Division, the price of HSD for the upcoming fortnight starting September 16 has been reduced by Rs13.06 per liter, kerosene oil by Rs11.15 per liter, and LDO by Rs12.12 per liter.

Petrol now costs Rs249.10 per liter, down from its previous price of Rs259.10 per liter. Petrol is primarily used in motorbikes and cars, and its smuggling from neighboring Iran has been a significant concern for oil marketing companies.

The price of HSD, also smuggled in large quantities from Iran, has seen a substantial reduction of Rs13.06 per liter, bringing its price down to Rs249.69 per liter from Rs262.75 per liter. HSD is widely used in the transport and agriculture sectors, and its price cut is expected to help ease inflation.

Kerosene oil, now priced at Rs158.47 per liter compared to the previous Rs169.62 per liter, has been reduced by Rs11.15 per liter. Kerosene is commonly used in remote areas, especially in northern Pakistan, where LPG is unavailable for stoves. The Pakistan Army is also a significant consumer of kerosene in these regions.

The price of LDO has been slashed from Rs154.05 to Rs141.93 per liter, a decrease of Rs12.12 per liter. LDO is primarily used in industry.

The reduction in global oil prices has been driven by a surplus in supply relative to demand and economic concerns in China and the United States. OPEC, the cartel of oil-producing countries, has also delayed its decision regarding a planned output increase, contributing to the continued decline in global oil prices.

According to sources, Prime Minister Shehbaz Sharif was advised not to pass on the full relief to the public, but he insisted on doing so, arguing that ordinary citizens have already borne the brunt of inflation in recent years and deserve some relief now.