The prices of petroleum products have been reduced for the first two weeks of October as inflation hit the masses getting the first decrease in petrol prices in the last two months.
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The interim government has shared great news! They have reduced the petrol prices by Rs11 per litre.
New Petrol And Diesel Prices
So, from October 1, petrol will cost Rs323.38 per litre after a Rs8 reduction. High-speed diesel will also be cheaper at Rs318.18 per litre. This means people will save more on fuel, making life a bit easier financially.
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Stronger Rupee and Global POL Rate Drop Key Factors
The Ministry of Finance, in an official statement, announced a significant decision to lower the prices of petroleum products. This move was made possible due to the increase in the value of the Pakistani rupee and a global drop in Petroleum, Oil, and Lubricants (POL) rates.
The decision reflects the government’s responsiveness to the changing economic landscape. As the Pakistani rupee strengthened in the international market, it led to a more favourable exchange rate. Additionally, the global decrease in POL rates contributed to creating a conducive environment for reducing domestic fuel prices.
Boosting Affordability and Economic Relief
This strategic decision not only showcases the government’s proactive approach in aligning domestic policies with global market trends but also highlights its commitment to ensuring affordability and financial ease for the citizens. This move is expected to have a positive impact on the economy, providing relief to consumers and businesses alike.
“In the wake of variations in international prices of petroleum products and the improvement in the exchange rate, the Government of Pakistan has decided to revise the consumer prices of petroleum products,” the finance minister told the media.
Step Towards Affordable Essentials
In a further effort to provide financial relief to the public, the government has implemented substantial reductions in the prices of kerosene oil and light diesel oil. The rate of kerosene oil has been decreased by Rs7.53 per litre, bringing it down to an affordable Rs237.28. Simultaneously, the cost of light diesel oil has been reduced by Rs7.77 per litre, making it more accessible at Rs212.45.
This decision underscores the government’s commitment to making essential commodities more affordable for the average citizen. By lowering the prices of kerosene oil and light diesel oil, the government aims to ease the burden on households that rely on these fuels for cooking and other essential needs. These price cuts are a significant step toward enhancing the overall affordability of basic necessities, ensuring that essential resources are within reach for all segments of society.
The last time consumers experienced a decrease in commodity prices was back in mid-July. During that time, the price of petrol was notably reduced by Rs9 per litre, bringing it down to Rs253. Additionally, diesel prices saw a substantial drop of Rs7 per litre, reaching Rs253.50.
This reduction in fuel prices marked a significant moment for consumers, providing them with some financial relief. Such proactive measures by the government not only impact individual households positively but also contribute to economic stability by enhancing people’s purchasing power. This continuous effort to stabilize and reduce commodity prices showcases the government’s commitment to improving the economic well-being of its citizens.
Relief Provided To Individuals
After progressively increasing fuel prices in the country for about two consecutive months, Pakistan offered respite to consumers by cutting the petrol and diesel rates by eight and 10 rupees, respectively, on Saturday.
The country fixes petroleum prices on a fortnightly basis after evaluating fluctuating international energy market costs and the rupee-dollar parity before transferring the impact to domestic consumers.
Last month, the government announced a record increase of up to Rs26 in the prices of petroleum products, breaching the Rs330 mark for the first time in the country’s history as it faced unprecedented inflation.