In a bold move, the Finance Division has announced a substantial reduction in petroleum prices, set to take effect from August 14, 2024. The price cuts, with petrol and high-speed diesel (HSD) expected to decrease by up to Rs8.47 and Rs6.7 per litre, respectively, directly respond to the drop in global fuel prices, as stated in a late-night announcement.
For the average consumer, this means a significant reduction in their monthly fuel expenses. Taking a closer look at the latest fuel price adjustments, the cost of petrol is set to decrease from Rs269.43 to Rs260.96 per litre, while HSD will witness a significant cut from Rs272.77 per litre to Rs266.07.
This announcement couldn’t have come at a better time, coinciding with the upcoming Independence Day celebrations and offering much-needed relief to the public. The consecutive reduction in petroleum prices, driven by dwindling demand for petroleum, oil, and lubricants (POL) products globally, underscores the government’s unwavering proactive approach to easing the burden on consumers.
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Despite the recent increase in the petroleum levy (PL) from Rs60 to Rs70 per litre in the fiscal budget for 2024-25, the Finance Division’s decision to reduce petroleum prices demonstrates a well-calibrated and thoughtful strategy to strike the right balance between fiscal responsibility and consumer benefit. This decisive action is certain to win favour with the public, amplifying the positive impact of the forthcoming national celebrations.
