The federal government of Pakistan has once again provided relief to the public by announcing a significant decrease in petroleum prices on Sunday. This marks the fourth consecutive decline in the bi-weekly review of fuel costs, bringing much-needed relief to consumers amid global economic challenges.
As part of the latest adjustments, the price of petrol has been slashed by Rs. 10 per liter, bringing the new rate to Rs. 249.10 per liter. In parallel, the price of high-speed diesel has been reduced by Rs. 13.06 per liter, setting its new price at Rs. 249.69 per liter.
These reductions will come into effect from September 16, and consumers across the country are expected to benefit from the lower fuel prices.
The ongoing reduction in petroleum prices is primarily due to the sharp decline in global oil prices, which have now fallen below $70 per barrel. This drop in international prices, coupled with the stabilization of the Pakistani Rupee at 278 against the US dollar, has enabled the government to pass on the savings to the public.
In the previous fortnightly review, the government had made moderate reductions, with petrol prices decreasing by Rs. 1.86 per liter and high-speed diesel seeing a reduction of Rs. 3.32 per liter. However, with this latest review, the cumulative drop in petrol and diesel prices over the past month has reached Rs. 16.50 per liter and Rs. 20.88 per liter, respectively.
This continuous downward trend in fuel prices is a welcome development for many sectors, including transportation and manufacturing, which are heavily reliant on petroleum products. The reduction in fuel costs is expected to ease inflationary pressures and provide some relief to households and businesses that have been grappling with rising costs.
The government remains committed to reviewing fuel prices based on fluctuations in international oil markets and the exchange rate of the Pakistani Rupee, ensuring that any savings can be passed on to consumers in a timely manner.
As the new prices take effect on September 16, there is optimism that this trend will continue, allowing further reductions in the future should global oil prices remain favorable.
