The federal government of Pakistan, led by the Pakistan Democratic Movement (PDM), has announced a reduction in the prices of petroleum products (POL) by up to Rs30 per litre.
The government took this decision after a fall in the international oil rate. The price of petrol, in international market is decreased by Rs12 per litre to Rs270 per litre, and the new rates will come into effect at 12 am tonight and remain in place for the next two weeks.
Notification of Petroleum Prices by Finance Division
Minister for Finance and Revenue Senator Ishaq Dar made the announcement during a televised address. He stated that the government is trying to provide relief to the masses during every fortnightly review.
The Finance Division later issued a statement, saying that the government has decided to reduce the existing prices of petroleum products. So that people can take benefits and get maximum relief after the reduction.Â
The finance minister has appealed to the transporters to provide fair relief to the masses in light of the price reduction, as the POL products rate affects a host of other commodities.
This appeal comes as the nation faces runaway inflation, with a historic high of 36.4%, which is the fastest in South Asia, even surpassing the defaulted nation of Sri Lanka.
