The federal government on Friday announced a major reduction in petroleum product prices, lowering high-speed diesel (HSD) by Rs135 per litre and petrol by Rs11.83 per litre for the week ending April 17, following a decline in global oil prices.
According to the official notification, the price of HSD has been reduced to Rs385.54 per litre from Rs520.35, while petrol will now cost Rs366.58 per litre compared to Rs378.41. The price of kerosene has been cut by Rs17.33 to Rs450.15 per litre, and light diesel oil (LDO) has been reduced by Rs25.31 to Rs369.72 per litre.
Officials said the reduction in diesel prices was not only driven by international market trends but also due to adjustments in the pricing mechanism that previously benefited local refineries.
Taxes on petroleum products remain unchanged, with the government continuing to collect significant levies on petrol, diesel, kerosene, and LDO.
Prime Minister Shehbaz Sharif said in a televised address that although he was advised to retain part of the price relief to offset subsidy costs, he rejected the proposal and decided to pass the full benefit on to the public.
He said the cut in diesel prices would help farmers during the ongoing wheat harvesting season and ease inflationary pressures on food prices.
The prime minister added that targeted subsidies for transport, agriculture, and motorcycles would continue, stressing that protecting citizens from inflation remains the government’s top priority.
Fuel prices had previously surged after global energy markets were disrupted following the outbreak of conflict between the United States and Iran in February.
Originally Published By: The Dawn
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