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Petrol and Diesel Prices Cut: The federal government has announced a significant reduction in petrol and diesel prices, effective September 16, 2024. This marks the fourth consecutive decrease in the prices of petroleum products in recent reviews, providing much-needed relief to consumers amid rising living costs.
New Price
They have reduced the petrol price by Rs. 10 per liter, bringing it down to Rs. 249.1 per liter. Similarly, authorities have slashed the price of high-speed diesel by Rs. 13.6 per liter, now priced at Rs.249.69 per liter. We attribute this reduction to the continued decline in international oil prices, which have fallen below $70 per barrel. Additionally, the stability of the Pakistani Rupee at 278 against the US dollar has contributed to the decrease in fuel prices.
The government hopes that this reduction will provide some relief to consumers and help mitigate the impact of rising living costs. This move is expected to boost the economy by lowering transportation costs and potentially reducing prices for goods and services. Lower fuel prices reduce business expenses, enabling companies to pass savings to consumers through lower costs for goods and services.
Fuel Relief
In a statement, the government emphasized its commitment to monitoring global oil prices and making necessary adjustments to ensure that the benefits of lower prices are passed on to the public. “The federal government announced a big decrease in the prices of petroleum products on Sunday. This is the fourth consecutive decline in as many fortnightly reviews,” the statement read.
The reduction in fuel prices is also expected to positively impact the transportation sector, which relies heavily on diesel. Lower diesel prices reduce transport companies’ operational costs, potentially lowering passenger fares and freight charges, benefiting the economy. This, in turn, can help control inflation and improve the overall economic outlook.
Overall, the government’s decision to reduce petrol and diesel prices is a welcome move for consumers and businesses alike. It reflects the government’s proactive approach to managing the economy and addressing the challenges posed by fluctuating global oil prices. The government ensures that lower fuel prices benefit the entire economy as the situation evolves.
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