ISLAMABAD: Finance Division has notified reduction in petroleum prices up to Rs8.47 per litre with effect from August 14, 2024. In a late night statement finance division says the prices have been reduced due to a drop in fuel prices in the global market.

As per the latest fuel prices, the petrol price has been cut from Rs269.43 to Rs260.96 per litre.

The federal government also reduced the price of high-speed diesel (HSD) from Rs272.77 per litre to Rs266.07 with a cut of Rs6.7 per litre.

Cut in petroleum prices expected

The announcement was shared with the media persons individually. Later Finance Division issued a statement on Tuesday.

The fuel price cut comes as a major relief for the masses on the occasion of Independence Day.

The relief in petroleum prices, which is the second consecutive in two weeks, was expected in the wake of low consumption and demand for POL products by the world’s best biggest economies.

In the previous petroleum levy (PL) remains unchanged despite the federal government increasing it by Rs10 per litre — from Rs60 to Rs70 — in the federal budget for fiscal year 2024-25.

Copyright Business Recorder, 2024