Petrol and Diesel Prices Reduced for Next Two Weeks
The federal government announced on Sunday a reduction in the prices of petrol and high-speed diesel (HSD) for the upcoming fortnight. According to a notification by the Petroleum Division, the price of petrol will decrease by Rs2, and the price of HSD will be reduced by Rs4.79. SindhNews.com brings you the latest updates.
New Petrol and Diesel Rates
Effective December 1, 2024, the new price for HSD is set at Rs279.65 per litre, while petrol will now cost Rs263.45 per litre. The decision was made following recommendations from the Oil and Gas Regulatory Authority (OGRA).
Impact on the Economy and Consumers
HSD is an essential fuel for the transport sector, and its price is often linked to inflation. The price reduction will provide relief to consumers. Petrol is widely used in private vehicles, directly affecting the budgets of many households.
The government applies substantial taxes and levies on petroleum products. These include a petroleum levy, climate support levy, customs duty, and distribution margins for oil companies and dealers. In the FY25, petroleum levy collections reached Rs1.161 trillion and are estimated to increase to Rs1.47 trillion in the current fiscal year.
Conclusion
The price cuts in petrol and diesel aim to ease the financial burden on consumers and businesses. However, the impact will depend on broader economic factors and global oil market fluctuations.