Overview
After the fortnight petrol decision, the federal government set to relieve the masses again and announce new petrol prices. This is the second time the incumbent government reduce prices after two weeks. Previously prices were reduced by Rs 12/Liter. the idea to give relief in petrol prices would be great and work to control rising inflation.
Last night Finance Ministry Ishaq Dar addressed a television speech and announced new petrol prices which are less than the previous rates. He added that the government has fulfilled the promise to adjust petrol prices in accordance with international market rates. New prices of petrol are announced for the next 15 days.
Finance Ministry Announce New Petrol Prices
After the Finance Ministry’s announcement, petrol prices are reduced by Rs. 8 per liter, bringing the petrol price to Rs. 262/Liter. Meanwhile, the diesel price is slashed by Rs. 4, making it Rs. 253 per liter. The new prices will be in effect from 1st June 2023 at 12:00 am.
Benefits of Petrol Price Reduction
The government provides relief in prices to accommodate end users. Minister Dar urged that different sectors would provide these benefits to citizens. Reduction in prices will make affect transportation charges. Prices of goods must be change with new petrol rates.
He emphasized the transporters and industries to forward this relief to end users by reducing fares of transport, reducing good prices, and making overall rates in a previous price.
No Cheap Petrol Even After Russian Oil
Earlier, the Petroleum Product Ministry Musadik Malik announce that there will be no price reduction even after the Russian crude oil reach Pakistan. Petroleum Ministry took a staggering U-turn after a month of giving hope to citizens to make petrol cheap after Russian crude. He gave the statement that “one cargo is not enough to reduce petrol price in Pakistan”. The prices may reduce after we receive multiple shipments.
However, he didn’t disclose the whole situation of the back picture and did not describe why the price will remain after cheap oil reaches Pakistan.
Conclusion
The incumbent government has made petrol rates the same as in April. These relief packages are announce before the Fiscal Budget 2023-24. The government has made some more relief plans to announce in the fiscal budget on 9 June 2023. The government has taken proactive measures to face the economic challenges. The reduction in fuel rates brings hope for some reduction in inflation.
