Petrol Price Cut Reportedly Third Consecutive Reduction
At a glance
- The government announced a reduction in petrol and high-speed diesel prices, effective August 5.
- Petrol will now retail at Rs 328.56 per litre, and HSD at Rs 385.86 per litre.
- This is reportedly the third consecutive reduction in fuel prices, attributed to declining global crude oil prices.
Story so far
The government announced a reduction in the prices of petrol and high-speed diesel (HSD), effective August 5, offering some relief to consumers. Petrol will now retail at Rs 328.56 per litre, and HSD at Rs 385.86 per litre. This price cut is attributed to a decline in global crude oil prices, with Brent crude falling below $80 per barrel. While previously reported as the second consecutive reduction in August, it is now reportedly the third consecutive reduction. This development follows Petroleum Minister Ali Pervaiz Malik's announcement that fuel prices would be fixed on a daily basis by OGRA due to international market fluctuations, a change from the previous weekly revisions. The All Pakistan Dealers Association has rejected this daily pricing mechanism. The government continues to levy significant taxes and duties on both petrol and diesel.
Latest development
The petrol price cut announced by the government is reportedly the third consecutive reduction, offering further relief to consumers.
Latest updates
The petrol price cut announced by the government is reportedly the third consecutive reduction, offering further relief to consumers.
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