Overview
The caretaker government announced a significant reduction in current petrol prices. The change in petrol rate has been announced till 31st January 2024. Meanwhile, the price of diesel remains unchanged. But citizens are happy with the reduction of the petrol rate.
Compared to the Pakistan international market reduced petrol rates impressively. The current UD rate is stable compared to the rupee value. The Dollar rate matters for our economic stability because Pakistan is dependent on imported products in huge quantities. We are expecting control in petrol rate because it affects the economy and transportation costs. Once the petrol rates are down the overall inflation can be controlled and not create such troubles we have been experiencing for a couple of months.
Current Petrol Rate
After the announcement of a reduction in fuel price, the current petrol rate is stable at Rs. 259.34 against the old rate of Rs. 267.34. Meanwhile, the Kerosene oil price surged by Rs. 3.29 per liter and the Light Speed Diesel price was reduced by Rs. 1.75 per liter respectively.
As per the information from 16 January, the ex-refinery petrol price stands at Rs. 180.29/liter. The current economic challenges made our country suffer. The dependency on imported products makes us in huge suffer because Dollar instability creates challenges.
Conclusion
We have been waiting for the reduction in petrol for a long time since the petrol rates are down in the international market. The current economic challenges create troubles for the business sector. Last year, petrol rates were at the highest record in Pakistan. In September 2023 petrol price was Rs. 331/liter which was the record price in history.
