Government Slashes Petrol Prices to Aid Public Amid Inflation

The government has taken a significant step to reduce petrol prices by Rs15.39 per litre for the next two weeks, with the aim of helping the public cope with increasing inflation. This decision, based on a recommendation by the Oil and Gas Regulatory Authority (Ogra) and confirmed by the Finance Division, also includes a decrease of Rs7.88 per litre in the price of high-speed diesel, now set at Rs274.08.

These adjustments were made in response to global market fluctuations, as highlighted by the Finance Division. The new prices will be effective from May 16, providing relief to consumers. International petroleum prices have shown a downward trend over the past fortnight, leading to the second consecutive reduction in prices this month.

On May 1, 2024, petrol prices were reduced by Rs5.45 per litre to Rs288.49, while diesel prices dropped by Rs8.42 per litre to Rs281.96. This reduction mirrors the global decline in petrol prices, signaling a positive shift in the market. Pakistani refineries and oil marketing companies anticipate increased consumption of petroleum products from May 16, attributing it to the recent price cuts and a decrease in the influx of smuggled products from Iran over the last ten days.

The government's decision to lower petrol and diesel prices will provide relief to the public facing financial challenges due to inflation. These reductions are a response to global market trends and aim to make fuel more affordable for consumers. The upcoming changes in prices are expected to positively impact the consumption of petroleum products in Pakistan, benefiting both the economy and the general population.