Government to Reduce Petroleum Prices, Easing Public Inflation Woes

Reports suggest that the government is set to provide some relief to the public grappling with inflation by reducing the prices of petroleum products in the upcoming fortnight. Sources from the concerned department have indicated that a decrease in petrol and diesel prices is on the horizon.

The price of petrol is anticipated to witness a significant cut of Rs5 per litre, while diesel prices are likely to see a reduction of Rs8 per litre. This adjustment is attributed to a recent decline in the international market prices of these commodities.

It is a part of the government's bi-monthly practice to review and adjust petroleum prices based on the recommendations put forth by the Oil and Gas Regulatory Authority (OGRA). In the previous two reviews, petrol prices had been increased by Rs14.19 per litre, adding to the burden on consumers.

Currently, the prices stand at Rs293.94 per litre for petrol and Rs290.38 per litre for diesel. The Ministry of Finance is expected to officially announce the revised prices on the night of April 30 after consultations with Prime Minister Shehbaz Sharif.

The potential reduction in petroleum prices comes as a welcome development for the public, offering a respite from the recent surge in fuel costs. As consumers eagerly await the official announcement, the expected price cuts are poised to positively impact household budgets and alleviate some of the financial strain caused by inflation.