In a decisive move aimed at alleviating the burden of inflation on the populace, the federal government has approved a substantial reduction in petrol prices, offering respite to the struggling economy. The price cut of Rs15.39 per litre comes in response to the fluctuations in global oil rates, signaling a favorable turn for consumers across the nation.
Effective from May 16, the revised petrol price stands at Rs273.10 per litre, down from Rs288.49 per litre prior to the reduction. Additionally, the price of high-speed diesel has been reduced by Rs7.88 per litre, now priced at Rs274.08 from the previous Rs281.96 per litre.
A statement from the Finance Division revealed that the Oil and Gas Regulatory Authority (Ogra) meticulously calculated the new consumer prices based on the recent international market trends. This announcement comes as a welcome relief for many, as the prices of petroleum products have been on a downward trajectory in global markets over the past fortnight.
This marks the second consecutive reduction in fuel prices this month, following a previous cut on May 1, 2024. During that adjustment, petrol prices were decreased by Rs5.45 per litre, while diesel prices saw a reduction of Rs8.42 per litre.
The latest move is anticipated to stimulate consumption of petroleum products, as Pakistan’s refineries and oil marketing companies express optimism regarding increased demand following the price reduction. Moreover, concerns over the influx of smuggled petroleum products from Iran have been mitigated in the wake of this development, further bolstering the domestic market.
With these measures, the government aims to address economic challenges and foster a more stable environment for its citizens amidst ongoing global uncertainties.
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