In a welcome development for consumers grappling with inflation concerns, sources within the government have indicated an imminent reduction in fuel prices, potentially bringing relief to the masses. The government is poised to slash petrol prices by up to Rs14 per liter, with diesel rates also anticipated to see a significant decrease.
The anticipated reduction in fuel prices is attributed to the current trading value of crude oil, which stands at $82.5 per barrel. These adjustments are expected to come into effect from May 16, providing a tangible reprieve for consumers burdened by escalating living costs.
This impending adjustment follows a recent price reduction initiated by the authorities on May 1, 2024. At that time, the price of motor spirit (MS) was lowered by Rs5.45 per liter, while diesel prices saw a decrease of Rs8.42 per liter. If the proposed reductions are approved, petrol and diesel prices are projected to decline to approximately Rs274 and Rs271 per liter, respectively.
Reports suggest that the relief measures have been formulated based on initial estimates derived from recent international trade data of petroleum products. However, final confirmation and implementation of these adjustments are subject to approval by the prime minister.
The potential reduction in fuel prices is expected to have broader implications, both domestically and internationally. Within Pakistan, it is anticipated to stimulate increased consumption of petroleum products, buoyed by the more favorable pricing.
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