A sigh of relief for the masses ahead of Independence Day as Prime Minister Shehbaz Shari-led government on Tuesday announced a reduction in petroleum prices effective from August 14.
The finance ministry in an issued notification stated that the price of petrol has been slashed by Rs8.47 per litre, bringing the new price down from Rs269.43 to Rs260.96 per litre. Similarly, the price of high-speed diesel (HSD) has been reduced by Rs6.70 per litre, lowering the price from Rs272.77 to Rs266.07 per litre.
The revised prices are set to take effect from midnight on August 14, the notification added.
This move follows a previous reduction in fuel prices on August 1, when the price of petrol was cut by Rs6.17 per litre, and diesel saw a reduction of Rs10.86 per litre.
The government’s decision to lower petroleum prices comes amidst ongoing economic challenges, including rising inflation and pressures on the national currency. Analysts view this reduction as a bid to provide some relief to the public and mitigate the impact of rising living costs.
In related developments, the Ministry of Finance also indicated that moving forward, the government would no longer be solely responsible for determining fuel prices.
The responsibility will now partially shift to market mechanisms, reflecting international crude oil price fluctuations.
This latest reduction is expected to bring some respite to consumers, especially those in the transportation sector, who have been struggling with the rising cost of fuel in recent months. However, the long-term effects of this price adjustment on the economy and the public remain to be seen.