Petrol price to see another massive decrease

ISLAMABAD: Following a decline in global oil prices, Pakistan may see another significant reduction in petrol price from August 15, ARY News reported on Monday citing sources.

Sources said that the price of petrol could decrease by over Rs9 per litre, while high-speed diesel (HSD) may see a reduction of up to Rs8.50 per litre.

Similarly, Kerosene oil is also likely to become cheaper Rs12 per litre.

The final decision on the new prices will be made by Finance Minister Muhammad Aurangzeb, in consultation with Prime Minister Shehbaz Sharif.

Previously, the federal government slashed the prices of petrol and high-speed diesel (HSD) for the next fortnight by Rs6.17 and Rs10.86, respectively.

The petrol currently being sold at Rs269.43 per liter and HSD by Rs272.77 per liter.

Kerosene oil is available at Rs177.39 per litre against its earlier price of Rs 173.48.

It is pertinent to mention here that the government is charging a Rs70 per litre petroleum levy on petrol and HSD, whereas they are exempt from the general sales tax (GST).

The Finance Bill 2024 has proposed a maximum petroleum levy limit of Rs80 per litre, aiming to collect Rs1.28 trillion in the new fiscal year.