ISLAMABAD: In a move that has drawn significant attention across the country’s petroleum sector, Saudi energy giant Aramco has announced a substantial reduction in the price of high-octane petrol at its retail outlets in Pakistan.
The company slashed the price from Rs 610 per litre to Rs 410 per litre, a decision that has been met with a positive response from consumers and market circles alike.
The development is particularly notable as it comes during a period when the federal government has maintained relative stability in the prices of general petroleum products. However, the high-octane segment recently witnessed a sharp spike after the petroleum levy was increased from Rs 100 to Rs 300 per litre. This policy shift had previously pushed the price of high-octane to between Rs 600 and Rs 610 per litre at various private franchises, while Pakistan State Oil (PSO) had recorded prices at approximately Rs 589 per litre.
Market analysts suggest that Aramco’s aggressive pricing strategy is likely to disrupt the current market hierarchy and provide much-needed financial relief to owners of high-end vehicles and engines requiring high-performance fuel. Beyond the immediate impact on consumer pockets, sources within the industry expect this price drop to drive a significant increase in the consumption of high-octane fuel, which had recently seen a decline in demand due to the exorbitant costs associated with the revised taxation structure.
