Petrol price down by Rs 3.05, diesel up by Rs 8.95 per litre
The government on Sunday reduced the petrol price by Rs 3.05 per litre, effective from August 1, 2022.
It hiked the increased price of high-speed diesel (HSD) by Rs 8.95 per litre.
The government had also increased the price of kerosene oil by Rs 4.62 per litre. It reduced the price of light diesel oil by Rs 0.12 per litre.
Earlier, Prime Minister Shahbaz Sharif had announced on July 14 to cut the price of diesel by Rs 40.54 per litre following a major reduction in global oil prices from July 15.
Prime Minister had also announced to cut the price of petrol by Rs 18.50 per litre.
Petrol Price Reduced
The government has reduced the price of petrol from Rs 230.24 to Rs 227.19 per litre.
The price of high-speed diesel (HSD) goes up to Rs 244.95 from Rs 236 per litre, and kerosene oil from Rs 196.45 to Rs 201.07per litre. The price of light diesel oil has been reduced from Rs 191.44 to Rs 191.32 per litre.
In a statement, the finance ministry said that the government had decided to revise the existing oil prices following fluctuation in global oil prices and exchange rate variation.
It said that new prices of petroleum products will be effective from August 1, 2022.
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High-speed diesel is used in the agriculture and transport sectors. Therefore, an increase in its prices will have a direct inflationary impact on the life of the masses.
The farmers were already facing high prices of electricity and high-speed diesel that had caused a hike in the cost of doing business.
The additional increase in the price of diesel will add miseries to the people and farmers in the agriculture sector.
Due to the hike in the price of diesel, the transport fare will also go up, resulting in higher prices of commodities in the country.
This petrol is used in motorbikes and cars. Its alternate fuel is CNG. The CNG retail outlets in the Punjab province had been operating on imported LNG gas, whose cost had gone up manifold due to the Russia-Ukraine war.
The government has doubled the rate of petroleum levy on petrol to Rs 20 per litre of diesel, kerosene oil and light diesel oil to Rs 10 per litre.
