ISLAMABAD (Kashmir English): Saudi Arabia’s leading energy company, Aramco, has announced a major relief to consumers in Pakistan by significantly reducing the price of high-octane petrol at its petrol pumps.
The company has said that the citizens can buy high-octane at a reduced price of Rs 410 per liter, instead of Rs 610 per liter.
This development has come at a time when the government had not recently increased the prices of petroleum products in general; however, the levy on high-octane petrol was significantly increased by Rs200 per liter.
After this decision, the price of high-octane at various petrol pumps had reached Rs 600 to Rs 610 per liter, while at Pakistan State Oil (PSO) pumps, this price was recorded at around Rs 589 per liter.
High-octane petrol is especially essential for modern turbocharged and high-compression engines. Many new vehicles in Pakistan perform better only on high-octane fuel, due to which the demand has been continuously increasing.
According to market sources, this move will not only provide financial relief to consumers but is also expected to increase the use of high-octane.
Price of high-octane petrol hiked
Last Sunday, Prime Minister Shehbaz Sharif announced an increase of Rs200 per litre levy on high-octane petrol used in luxury vehicles.
According to the media wing of the Prime Minister’s Office (PMO), the move is expected to generate Rs9 billion in monthly savings for the government, from which the ordinary people will be given relief.
During a video meeting chaired by PM Shehbaz, it was decided to “increase the current levy on luxury vehicles used by the richest class, which is Rs 100 per liter, by Rs 200 per liter.”
The Prime Minister took notice that the levy on high-octane fuel used in the most expensive vehicles should be increased, a statement issued by PMO said.
It added that a levy of Rs 300 per liter will now be applicable on high-octane fuel used in the most expensive vehicles.
