Petrol price slashed by Rs8.47 per litre for next fortnight

• Petrol price slashed to Rs260.96 per litre.
• Price of high-speed diesel slashed by Rs6.7 per litre.
• Reduction comes after drop in global POL rates.
  

In a significant relief to inflation-weary masses, particularly those who rely on two-wheelers for commuting, the federal government has reduced petrol prices by Rs8.47 per litre for the next fortnight, owing to a notable drop in global fuel prices.

As per the latest notification, the petrol price has been reduced from Rs269.43 to Rs260.96 per litre. 

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

The announcement was made in a statement issued by the Ministry of Information on Tuesday. 

The fuel price cut comes as a major relief for the masses on the occasion of Independence Day, as the country gears up for the celebration of 77 years of independence tomorrow (August 14).

The relief, which is the second in a row in two weeks, was expected in the wake of low consumption and demand for POL [petrol, oil, lubricants] products by the world's best biggest economies, The News reported on Tuesday.

In the previous fortnightly review, the petrol price was slashed by Rs6.17 per litre. It may be noted that the petroleum development levy (PDL) remains unchanged despite the federal government increasing it by Rs10 per litre — from Rs60 to Rs70 — in the federal budget for 2024-25.

Petrol, also called mogas, is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers. Higher fuel prices significantly impact the budgets of the members of the middle and lower-middle classes, who primarily consume petrol for commuting. On the other hand, a significant portion of the transport sector relies on high-speed diesel. 

Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.

The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.