Lahore – The federal government has announced a reduction in the prices of petrol and high-speed diesel, reducing the prices of both products. Under the latest decision, petrol has been reduced by Rs 3.39 per litre, while diesel has been reduced by Rs 4.70 per litre.
According to the new prices, petrol will be sold at Rs 328.56 per litre and high-speed diesel at Rs 385.86 per litre. The government has maintained taxes and duties of Rs 110 per litre on petrol and Rs 96 per litre on diesel.
The Petroleum Division has said in its notification that the new prices will be implemented from August 5.
After the recent reduction, the price of high-speed diesel has come down significantly from the highest level of Rs 520.35 per litre recorded in April. Earlier, its prices were seen increasing continuously after global tensions increased at the end of February.
Similarly, petrol also started becoming expensive from the beginning of March and reached a high of Rs 458.41 per litre in early April.
Federal Minister for Petroleum Ali Pervez Malik had earlier announced that due to rapid price fluctuations in the global market, the prices of petroleum products would now be fixed on a daily basis.
The government had been reviewing prices on a weekly basis since March, but the pricing system was changed after the situation in the Middle East.
The government has given OGRA the authority to fix prices daily based on global market trends.
On the other hand, the All Pakistan Petroleum Dealers Association has expressed reservations over the decision and announced to consider the protest option.
A change in the price of petrol has a direct impact on private vehicles, motorcycles and urban consumers, while a change in the price of diesel affects the costs of transport, agriculture and industrial activities.
Petrol and high-speed diesel are the best-selling petroleum products in the country and also contribute significantly to government revenues.
