ISLAMABAD: In a significant move, the federal government of Pakistan has announced a substantial reduction in the prices of petroleum products, providing much-needed relief to the general public. Finance Minister Ishaq Dar delivered the eagerly awaited announcement in a televised address earlier today.
Effective midnight tonight, petrol prices will be lowered by Rs8 per liter, bringing the new price down to Rs262 per liter. Similarly, the diesel price will be reduced by Rs5 per liter, with the new rate set at Rs253 per liter.
This decision comes as a response to the concerns raised by the public regarding the skyrocketing petrol prices, which had reached an unprecedented high of Rs282 per liter earlier this year. Additionally, the move aims to address the prevalent issue of inflation, which is currently at its peak in the region.
Finance Minister Ishaq Dar emphasized that during May alone, the government had already reduced petrol and diesel prices by Rs20 and Rs35 per liter, respectively. This latest price cut builds upon previous efforts to alleviate the burden on the people.
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Challenges
While the decline in global oil prices has provided some relief, the government still faces challenges in maintaining stable prices due to the devaluation of the national currency, the rupee.
Initially, oil marketing companies (OMCs) estimated a reduction of Rs5 per liter for both petrol and diesel. However, the government has exceeded these projections, demonstrating its commitment to easing the public’s economic strain.
These revised prices will remain unchanged for the next two weeks, offering temporary relief to consumers across Pakistan. The masses have overwhelmingly reacted to government’s decision since the prices of essential commodities have mounted.
As the government continues to address economic challenges, it remains steadfast in implementing policies. Additionally, they have prioritized people’s wellbeing and ensured a stable standard of living for all.
