Petrol Price
ISLAMABAD: The federal government has announced a reduction in petrol prices by Rs4.74 per litre in its third consecutive fortnightly review, responding to a decline in global oil prices. This adjustment brings the new price of petrol down to Rs268.36 per litre from the previous Rs273.10 per litre.
In addition to the petrol price cut, the government has also decreased the price of high-speed diesel by Rs3.86 per litre, lowering it from Rs274.08 per litre to Rs270.22 per litre.
According to a notification from the finance ministry, “The prices of petroleum products have seen a decreasing trend in the international market during the last fortnight.”
The Oil & Gas Regulatory Authority (OGRA) calculated these new consumer prices based on international market variations. The Finance Division’s notification stated that these new rates would take effect from 12am on June 1, providing some financial relief to the inflation-stricken populace.
This latest price cut follows a significant reduction in the previous review, where the federal government approved a substantial decrease of Rs15.39 per litre in petrol prices and a Rs7.88 per litre reduction in diesel prices.
These adjustments are part of a regular review process that occurs every 15 days in Pakistan, aligning domestic petroleum prices with global oil trends and the rupee’s exchange rate against the dollar. The Pakistani rupee has remained relatively stable in recent times, aiding this adjustment process.
Pakistan, which imports about 85% of its oil needs, has been grappling with a balance of payments crisis and soaring inflation.
Inflation was recorded at 17.3% year-on-year in April, adding pressure on the government to manage fuel prices effectively.
The continuous decrease in petrol and diesel prices comes as a welcome respite for the general public, who have been facing the brunt of economic challenges.
The government’s commitment to adjusting petroleum prices in line with global trends and exchange rate fluctuations reflects its effort to mitigate the impact of international market volatility on domestic consumers.
This approach aims to provide some level of economic stability and predictability for the masses amidst the broader economic challenges facing the country.
