In a move aimed at providing relief to the public amidst rising inflation, the federal government of Pakistan has announced a significant reduction in petrol prices.
With immediate effect, the government has implemented a substantial reduction in petrol prices, resulting in a decrease of Rs12 per litre. As a result, the new price of petrol stands at Rs270 per litre. This timely decision aims to provide immediate relief to the general public, who have been grappling with the impact of high fuel costs. This decision comes in response to the decrease in international oil prices, and it is expected to have a positive impact on the cost of living for the masses.
During a televised address, Minister for Finance and Revenue, Senator Ishaq Dar, highlighted the government’s commitment to regularly reviewing petroleum product prices to ensure that the public receives the necessary relief. These revised rates will remain in effect for the next two weeks, providing a temporary respite from the burden of high fuel costs.
In addition to the reduction in petrol prices, other petroleum products (POL) have also witnessed significant decreases. The price of high-speed diesel has been slashed by Rs30 per litre, bringing it down to Rs258 per litre. Kerosene oil, widely used by households, has seen a decrease of Rs12 per litre, now priced at Rs164.07. Similarly, the price of light diesel oil has been reduced by Rs12, reaching Rs152.68 per litre.
Minister Ishaq Dar underlined the significance of transporters playing their part in ensuring that the public receives the full advantage of these price reductions. With the cost of petroleum products exerting a direct influence on various other commodities, it is essential to translate the decrease in fuel prices into lower transportation costs and subsequently, more affordable prices of essential goods. This concerted effort becomes pivotal in safeguarding the overall economic welfare of the nation.
Pakistan, like many nations around the world, is currently facing economic challenges, particularly concerning inflation. The country’s inflation rate stands at a staggering 36.4%, making it the fastest in South Asia. This alarming figure has put immense pressure on the general public, affecting their purchasing power and the overall cost of living. The government’s decision to reduce petrol prices is a step towards addressing this issue and providing some relief to the cash-strapped nation.
However, it is worth noting that the reduction in fuel prices alone might not be sufficient to address the broader issue of inflation. The government is actively working to implement comprehensive strategies and policies to stabilize the economy and mitigate the effects of inflation on the public. Efforts to enhance fiscal discipline, promote investment, and boost economic growth are underway to tackle the root causes of inflation and ensure long-term stability.
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The federal government’s decision to slash petrol prices by Rs12 per litre is a welcome move that aims to alleviate the financial burden on the public. The reduction in fuel costs, along with decreases in the prices of other petroleum products, is expected to provide some relief to the masses and ease the impact of inflation. While challenges persist, the government’s commitment to regularly reviewing prices and implementing broader economic measures reflects its dedication to addressing the concerns of the people and fostering a more stable economic environment.