Federal Government’s Decision to Reduce Prices of Petroleum Products
Islamabad, 31st May, 2024
The federal government has announced a reduction in the prices of petroleum products. This decision aims to provide relief to consumers and address the economic impact of rising fuel costs.
Key Points of the Notification:
Reduction in Petrol Prices:
Decrease Amount: Rs. 15.40
Effective Time: Midnight tonight
Reduction in Diesel Prices:
Decrease Amount: Rs. 7.90
Effective Time: Midnight tonight
The government of Pakistan has slashed the petrol price by Rs. 15.40 and diesel by Rs. 7.90 for the next 15 days. The approval was granted by PM Shehbaz Sharif on the summary of the Oil and Gas Regulatory Authority (OGRA). The new prices will be applicable from midnight tonight.
Context and Impact:
International Market Trends: The oil prices are also decreasing in the international market, which has influenced this decision.
Economic Policies: PM Sharif stated that the economy is stabilizing due to people-friendly policies.
Price Adjustment Mechanism: The government adjusts the prices of petroleum products every 15 days based on OGRA’s recommendations.
In the last fortnight review, the government had decreased the price of petrol by Rs. 15.39 per litre and diesel by Rs. 7.88 per litre. The current prices of petrol and diesel are Rs. 273.10 per litre and Rs. 274.08 per litre, respectively.
