Overview
The incumbent government has provided relief in petrol prices by offering a reduction. Petrol became cheap for all citizens after the last night’s announcement of Finance Minister Ishaq Dar. The ministry announced the reduction in fuel prices through a television speech and the decision is taken for next fortnight.
The government has finally committed to providing cheap petrol and adjusting prices according to the global market. The significant reduction in petrol prices brings hope of reducing transportation charges also. Since fuel prices become higher transportation and other good have also been affected. Meanwhile, due to the increase in transportation charges, the overall economy is facing alarming situation by high inflation.
The Finance Minister Ishaq Dar address “After 12 pm tonight, for next fortnight petrol prices are being reduced by Rs. 12/liter and now it will cost you Rs. 270.”
Current Petrol Prices
- After the announcement, new petroleum product rates are as follows.
- As the petrol price slashed by Rs. 12, the new price of petrol is Rs. 270/Liter.
- Meanwhile, Diesel price saw a huge slump of Rs. 30/liter and Diesel’s new cost is Rs. 258/Liter.
- Kerosene Oil stands at the rate of Rs. 164.07/Liter after a reduction of Rs. 12/Liter.
- Light Diesel Oil price will be reduced by Rs. 12/Liter and now it will cost you Rs. 152.68/Liter.
The Dar asserted that the decision to cut down prices will surely deliver to citizens through different sectors. He added that transport and other diesel-consuming industries should pass the relief to consumers and provide relief in fares. This will also help the economic structure to grow positively and give a pillar to the dwindling economy.
Conclusion
Since the prices of petrol break the records in Pakistan, the petroleum industry has faced huge losses in sales. Petrol sale declines by 47% in April as per YoY basis. As per the details, petrol sales shrunk by 24% from July to April in the Financial Year 2023. Although the government faces hard challenges due to the devaluation of PKR value. Reducing petrol prices will improve the economic situation and citizens’ complaints.
