PM Sharif Announces Major Petrol Price Cut, Effective June 16
The Prime Minister Shahbaz Sharif announced on Friday a significant reduction in the price of petrol by up to Rs 10.20 per liter, effective from June 16, 2024.
Additionally, the premier decided to cut the price of high-speed diesel by Rs 2.32 per liter. Previously, the government had slashed the price of petrol by Rs 4.74 per liter from June 1, 2024.
In a statement, the PM’s office mentioned that the government has provided a total relief of Rs 35 per liter in the price of petrol so far.
According to the statement, the prices of petroleum products have shown a mixed trend in the international market over the last fortnight.
The Oil & Gas Regulatory Authority (OGRA) has calculated the consumer prices based on these international market fluctuations.
These new prices for Motor Spirit and HSD will be effective for the next fortnight, starting from June 15, 2024.
Petrol will be available at the new price of Rs 258.16 per liter, down from the previous price of Rs 268.36 per liter, reflecting a reduction of Rs 10.20 per liter.
Petrol is commonly used in motorbikes and cars and serves as an alternative to CNG, especially in the Punjab province, where indigenous gas is not available for CNG outlets.
CNG outlets in Punjab have been using imported gas for over a decade due to the disconnection of the supply of indigenous gas due to a crisis.Saudi Oil Giant Aramco Acquires 40% Stakes in GO
Following the recent reduction in the price of high-speed diesel (HSD), its price has decreased to Rs 267.89 per liter from the previous price of Rs 270.22 per liter, marking a reduction of Rs 2.33 per liter.
High-speed diesel is widely used in the transport and agriculture sectors. Therefore, the recent reduction in its price is expected to have an inflationary impact on consumers.
The government is currently charging a petroleum levy of up to Rs 60 per liter on petroleum products. Recently, the government set an ambitious target of collecting over Rs 1 trillion in petroleum levy during the next financial year. The finance minister has also indicated that the rate of the petroleum levy would be gradually increased on petroleum products.
