Petrol Price Decreases by Rs1 Per Litre
The price reductions are a result of a decline in the international oil market, and the government has passed on the benefit to consumers. The new prices are expected to remain in effect until the next review by the Oil and Gas Regulatory Authority.
Pakistan is set to witness a significant decrease in fuel prices, with the government reducing the price of petrol by Rs1 per litre, high-speed diesel by Rs4 per litre, and other petroleum products by up to Rs5 per litre, effective February 16, 2025.
The new prices of petroleum products are: petrol at Rs256.13 per litre, high-speed diesel at Rs263.95 per litre, light diesel oil at Rs155.81 per litre, and super kerosene oil at Rs171.65 per litre. The price reduction is attributed to fluctuations in the global oil market, with the benchmark Brent prices decreasing by $2 per barrel over the last fortnight.
The government has also reduced the prices of kerosene and light diesel oil by up to Rs5 per litre, providing relief to consumers. The price changes are based on current international fuel prices, existing petroleum levies, a stable exchange rate, and other government taxes. The government charges Rs60 per litre in petroleum levy on petrol and HSD, which is not utilised for its intended purpose.
The reduction in fuel prices is expected to have a positive impact on the economy, as Pakistan is a net importer of petroleum products. The government's decision to reduce prices is seen as a welcome move, and it is hoped that it will help to ease the burden on consumers and businesses alike.
