Government Petrol Price Cut: The government of Pakistan is poised to reduce petrol prices further starting June 1, 2024, potentially bringing significant relief to consumers. Sources anticipate a drop of Rs5.50 per liter in petrol prices and a decrease of Rs4.30 per liter in diesel prices. The Oil and Gas Regulatory Authority (OGRA) anticipates reducing prices following a decline in global crude oil prices, which it will reflect in its upcoming calculations.
Prime Minister Shehbaz Sharif will decide on these new rates, and the Ministry of Finance will issue an official notification. This move aims to alleviate the financial burden on the public, particularly as petrol prices currently stand at Rs273.10 per liter. Consumers especially welcome the reduction in fuel costs due to the high prices and inflation pressures of recent months.
A recent statement highlighted that the government had previously reduced petrol and high-speed diesel prices on May 15 by Rs15.39 and Rs7.88 per liter, respectively. This trend aligns with the global decrease in petroleum prices, which the government has passed on to consumers.
The price drop is a welcome development for the inflation-weary masses of Pakistan, who have been facing economic challenges. The government’s decision to pass on the benefits of the decrease in global crude oil prices to the consumers is a reflection of its efforts to ease the financial burden on the public.
As the nation anticipates these changes, this step aims to provide immediate relief and stimulate economic activity by increasing the disposable income of individuals and businesses alike.
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