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Govt Slashes Petrol Price by Rs2.4 per litre

Govt Slashes Petrol Price by Rs2.4 per litre.

ProductsExisting priceNew priceDecrease
High Speed Diesel (HSD) 303.18296.71Rs6.47
Kerosene oilRs214.85Rs204.98Rs6.05
Light diesel oilRs192.86Rs180.45Rs9.01

In a recent update, the interim government, led by Prime Minister Anwaarul Haq Kakar, announced a significant reduction in petrol and high-speed diesel prices.

Read More: Rs. 40 Reduction in Petrol Price

Petrol now costs Rs281.34 per litre (Rs2.04 reduction), and high-speed diesel is priced at Rs296.71 per litre (Rs6.47 reduction).

These changes, effective from November 16 to November 30, follow recommendations from the Oil and Gas Regulatory Authority, with kerosene oil and light diesel oil also seeing cuts of Rs6.05 and Rs9.01 per litre, respectively.

This move comes after a month of unchanged prices, and the administration maintains zero general sales tax on petroleum products, with an Rs. 60 per litre petroleum levy on petrol and diesel.

The reduction on October 16, impacting sectors like transport and agriculture, further underscores the economic implications of these adjustments.

Read More: Petrol Prices Expected to Drop from October 16

This substantial reduction follows a careful review by the government, taking into consideration the economic landscape and the impact on the general public. The new price of petrol is now Rs281.34 per litre, offering a welcomed respite to those grappling with rising fuel costs.

This strategic decision by the government not only addresses immediate concerns but also aligns with broader efforts to enhance economic stability. The move is expected to have a positive ripple effect on various sectors, including transportation, logistics, and daily commuting.

Read More: Petrol Prices Decreased by Rs. 8

The reduction in petrol prices is part of the government’s commitment to proactively manage economic challenges and prioritize the well-being of its citizens. This marks a commendable step towards ensuring affordability and accessibility, especially during times when financial considerations are paramount for households and businesses alike.

Consumers can anticipate a tangible impact on their daily expenses, and businesses reliant on transportation and fuel-dependent operations may experience a welcomed reduction in operational costs.

Read More: Petrol Price Increased by Rs. 116 in 2023

As we navigate the evolving economic landscape, this price adjustment stands as a testament to the government’s dedication to responsive governance and the well-being of its citizens. Stay tuned for further updates on how this decision unfolds and influences the economic dynamics in the coming weeks. Govt Slashes Petrol Price by Rs2.4 per litre is taken as a positive sign by the public.

November 29th Update:

Pakistan to Cut Petrol and Diesel Prices by up to Rs20 per Litre

In a move to provide relief to the people of Pakistan, the caretaker government is expected to cut petrol and diesel prices by up to Rs20 per litre for the first two weeks of December 2023. This decision comes in response to the recent drop in oil prices in the international market.

Global Oil Prices Remain Under Pressure

Globally, oil prices have been under pressure due to concerns about slowing global economic growth, especially in China. In mid-November, oil prices plunged below $75 a barrel. As of November 29, WTI crude was trading at $76.5 a barrel, down around 7% from October 29. Brent crude was also down, trading at $86.35 a barrel, down 5.4% from the previous month.

Expected Price Drop in Pakistan

The federal government of Pakistan is expected to announce the final decision on November 30. With a potential drop of up to Rs20 per litre, the expected price of petrol is around Rs260. This move is expected to help authorities control inflation in the country.

Impact on Inflation

The reduction in petrol and diesel prices is expected to have a positive impact on inflation. However, it is important to note that other factors, such as food prices and the cost of transportation, also contribute to inflation. Therefore, it is difficult to say with certainty how much the price cut will help to reduce inflation.

Overall, the decision to cut petrol and diesel prices is a welcome move by the caretaker government. It will provide much-needed relief to the people of Pakistan, who are struggling with the high cost of living.

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