The government of Pakistan announced on Monday that it would reduce the price of petrol by Rs12 per litre to Rs270 per litre, following a decrease in the international oil rate. Minister for Finance and Revenue, Senator Ishaq Dar, made the announcement during a televised address, stating that the new rates would take effect from midnight and remain in place for the next two weeks.
The prices of other petroleum products (POL) have also been reduced by up to Rs30 per litre as the government seeks to provide relief to the masses during every fortnightly review, according to the minister. He also urged transporters to provide fair relief to the public in light of the price reduction, noting that the POL products rate affects other commodities as well.
The country is facing severe inflation, with rates remaining at a historic high of 36.4%, the fastest in South Asia, and even exceeding those of the defaulted nation of Sri Lanka. The Finance Division issued a statement later, stating that the government had decided to lower the prices of petroleum products in order to pass on the benefits to the public and provide maximum relief.
The move is aimed at providing some relief to the cash-strapped nation, which has been grappling with a struggling economy and high inflation. The reduction in petrol prices is expected to have a significant impact on the cost of transportation and other basic commodities, providing some respite to the general public. The government has pledged to continue reviewing petroleum product prices every two weeks to ensure that relief is provided to the public.
