Overview
After a huge increase in petrol price by the incumbent government the reduction in petrol prices news has come by the officials. The rise in petrol prices was caused by many major reasons the one most is the devaluation of the rupee against the dollar. Besides the petrol price reduction in the global market, the incumbent government was not able to reduce prices due to the devaluation of PKR.
Reducing petrol prices for all citizens is a better decision than just making petrol cheap for motorbikes, rickshaws, and cars up to 800cc and making petrol more expensive for rich people.
Russian Crude Oil Import
Pakistan trying to contract with Russia for a couple of months regarding cheap petrol crude. Finally, the government has finalized the agreement with them a few weeks ago. Ministry for Petroleum Musadik Malik gives a statement last month that Pakistan has successfully placed an order for petrol and the first shipment will reach Karachi Port next month.
The earlier statement of the Secretary of Information Pakistan Petroleum Association Khawaja Asif Mehmood petroleum product prices should reduce by at least half of the dollar current amount which is up to Rs. 100. It will happen after the Russian Oil crude reach to Pakistan.
Moreover, Khawaja Asif told the media that the price of petrol should be down with the global market petrol rate. But the government was trying to support the dwindling economic graph by not reducing petrol prices hugely. Meanwhile, he stated that the Russian crude will reach Pakistan in the third week of the current month.
Furthermore, he explained that Pakistan has received oil at a cheaper rate than the market price of 15 to 18 dollars
Conclusion
Since the news has come that Pakistan placed the first order for Russian crude oil, citizens are waiting for the news of how much the price of petrol will come down for them. If the government just reduces half of the dollar amount of petrol this would be a great support for the inflation-stricken masses.
