The caretaker government of Pakistan has announced a significant reduction in fuel prices, slashing petrol by Rs74 per litre and high-speed diesel by Rs67 per litre, effective October 16. The price cut comes as a welcome relief for consumers grappling with high inflation.
New Prices Announced
According to a notification issued by the Finance Division, the new price of petrol has been set at Rs283 per litre, down from Rs357. Meanwhile, high-speed diesel will now cost Rs303 per litre, reduced from Rs370. The reduction is attributed to the declining trend in international oil prices and the appreciation of the Pakistani rupee against the US dollar.
Impact on Consumers
This price cut is expected to lower transportation costs and reduce the burden on households. The government has urged oil marketing companies to pass on the full benefit to consumers. Analysts believe this move will also help curb inflation and provide some fiscal space.
However, experts caution that the sustainability of these prices depends on global market conditions and currency stability. The government has assured that it will continue to monitor the situation and adjust prices accordingly.
