The federal government of Pakistan has reduced the prices of petrol and high-speed diesel (HSD) by Rs1.97 per litre, effective from midnight on Friday, July 12. The new rates set petrol at Rs297.53 per litre and HSD at Rs309.50 per litre, according to a notification from the Ministry of Petroleum.
Price Adjustment Amidst International Trends
The reduction comes a week after the government decided to keep petrol and diesel prices unchanged despite a continued decline in international oil prices. That decision sparked backlash, prompting Petroleum Minister Ali Pervaiz Malik to reject claims of favoritism and assure the public of forthcoming "good news."
Minister Malik stated that Prime Minister Shehbaz Sharif's top priority is protecting consumer rights. He added that a high-level committee had been formed on the premier's directives to ensure transparency in petroleum pricing, with positive developments expected soon.
Levy Structure Revision
To maintain stable prices earlier in the fiscal year, the government revised the levy structure on petroleum products. Effective July 1, the Climate Support Levy on petrol and HSD was increased by Rs2.50 per litre to Rs5 per litre. Simultaneously, the Petroleum Levy on petrol sold through retail outlets was reduced by Rs2.50 per litre to Rs64.14 per litre, and the levy on HSD was reduced by Rs2.50 per litre to Rs77.04 per litre.
The minister urged the public to review international Platts prices for petrol and diesel, emphasizing that pricing decisions are made on a fair and transparent basis. The government continues to monitor international oil market trends closely.
