In a move aimed at providing relief to consumers, the government of Pakistan has announced a significant reduction in petrol and diesel prices for the upcoming fortnight. The decision follows the recommendations put forth by the Oil and Gas Regulatory Authority (Ogra).
Effective from midnight on May 1, 2024, the price of petrol has been slashed by Rs5.45 per litre, bringing it down from Rs293.94 to Rs288.49. Additionally, diesel prices have seen a substantial decrease of Rs8.42 per litre, now standing at Rs281.96 per litre.
The Finance Division issued an official notification confirming the new fuel prices, which will remain applicable until May 15, 2024.
Explaining the rationale behind the price adjustments, the Finance Division highlighted the recent decline in global crude oil prices over the past two weeks. The notification emphasized that Ogra had recalculated consumer prices based on these fluctuations in the international market.
It’s worth noting that just two weeks ago, on April 15, the government had raised petrol and diesel prices by Rs4.5 and Rs8.1 per litre, respectively.
The government’s pricing mechanism for petroleum products involves regular evaluations every 15 days to align with global oil price movements and local currency fluctuations. Factors such as expected fuel consumption, supply costs for the Pakistan State Oil (PSO), the state-owned oil corporation, and monthly tax targets are taken into consideration during these assessments.
The latest reduction in petrol and diesel prices is expected to ease the financial burden on consumers and provide some respite amidst economic challenges.
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