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Prime Minister Shehbaz Sharif Approves Significant Cuts in Petrol and Diesel Prices

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Prime Minister Shehbaz Sharif has approved significant cuts in petrol and high-speed diesel (HSD) prices for the next fortnight. The new prices, as announced by state broadcaster PTV, are Rs269.43 per litre for petrol and Rs272.77 per litre for HSD. These prices will come into effect from [specific date]. Additionally, the price of kerosene oil has been reduced to Rs177.39 and light diesel oil to Rs160.53. These reductions exceed previous estimates, with prices expected to decline by about Rs6.17 per litre for petrol and Rs10.86 per litre for HSD.

This drop in prices is attributed to lower international market rates and import premiums. The government, while ensuring a balance between revenue collection and public relief, has also increased the maximum petroleum levy to collect a higher revenue in the next fiscal year. This strategic move, along with the reduction in petrol and HSD prices, is a testament to the government’s commitment to consider the public’s interests.

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