Major Petrol Price Decrease: In a welcome move for consumers, the government has announced a substantial reduction in the prices of petrol and high-speed diesel (HSD). Effective immediately, the price of petrol has been slashed by up to Rs. 15.39 per liter to Rs. 273.10, while HSD sees a reduction of Rs. 7.88 per liter to Rs. 274.08.
The prices of petroleum products have seen a decreasing trend in the international market during the last fortnight. This is the second relief in a row in the current month. From May 1, 2024, the authorities reduced the motor spirit (MS) price by Rs5.45 per liter to Rs288.49 per liter from Rs293.94 per liter.
This decision comes amid soaring inflation, a major concern for the populace. The reduction in fuel prices is aimed at providing much-needed relief to consumers grappling with high transportation and living costs. According to the Pakistan Bureau of Statistics, the weekly inflation rate remains above 48% year-on-year, largely driven by previous spikes in fuel prices.
Petrol prices have been a major point of contention, with frequent changes impacting various sectors of the economy. The recent reductions are expected to lower transportation costs and, hopefully, lead to a decrease in the prices of essential goods and services.
Despite the cuts, the government continues to levy Rs. 60 on every liter of both petrol and HSD. This policy adjustment reflects ongoing efforts to balance fiscal needs with consumer relief.
The announcement has been met with mixed reactions. While many celebrate the immediate financial relief, there are calls for more sustainable solutions to control fuel prices in the long term and ensure that the benefits are passed on to consumers without delays.
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