The caretaker federal government of Pakistan has announced a substantial reduction in the prices of petroleum products, effective from November 16. This decision comes as part of the government’s latest fortnightly review of fuel prices.
The price of petrol has been decreased by Rs. 2.04 per liter, bringing it down to Rs. 281.34 per liter. Similarly, the cost of high-speed diesel has seen a cut of Rs. 6.47 per liter, with the new price being Rs. 296.71 per liter. These reductions are expected to ease the financial burden on motorists and industries reliant on diesel for their operations.
Additionally, the government has also reduced the prices of other petroleum products, including kerosene and light diesel oil. Kerosene has seen a price cut of Rs. 6.05 per liter, now priced at Rs. 204.98 per liter. Light diesel oil’s price has been slashed by Rs. 9.01 per liter, making it Rs. 180.45 per liter.
These price adjustments come against the backdrop of fluctuating international oil prices and the Pakistani rupee’s depreciation against the US dollar. Since the beginning of November, international oil prices have witnessed a downturn. However, it is important to note that the Pakistani rupee has weakened by 2.31 percent against the US dollar during the same period, impacting the overall pricing structure.
The previous fortnightly review had seen the government maintaining the petroleum prices, but the current review brings a much-needed respite for the public. The government’s decision to lower fuel prices reflects its response to the global market trends and the domestic economic situation.
As citizens welcome the reduction in fuel prices, the government remains vigilant of the international oil market and the exchange rate, which are pivotal factors influencing future price reviews.
The recent cuts are anticipated to provide some economic relief and contribute positively to the transportation sector and the general cost of living for the Pakistani populace.