Pakistan may experience another substantial reduction in fuel prices starting August 15, following a decrease in global oil prices, according to sources.
Reports suggest that the price of petrol could drop by more than Rs9 per litre, while high-speed diesel (HSD) might see a reduction of up to Rs8.50 per litre.
Additionally, kerosene oil is expected to 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.
Earlier, the federal government had reduced the prices of petrol and high-speed diesel (HSD) for the upcoming fortnight by Rs6.17 and Rs10.86 per litre, respectively.
Currently, petrol is being sold at Rs269.43 per litre, and HSD at Rs272.77 per litre. Kerosene oil is available at Rs177.39 per litre, down from its previous price of Rs173.48.
It is important to note that the government is currently charging a petroleum levy of Rs70 per litre on both petrol and HSD, while these fuels are exempt from the general sales tax (GST).
The Finance Bill 2024 has proposed a maximum petroleum levy limit of Rs80 per litre, with the goal of collecting Rs1.28 trillion in the new fiscal year.
