In a move to provide economic relief to citizens, the federal government of Pakistan has announced a substantial reduction in petrol prices, effective immediately. The new price, applicable from May 1, 2024, sees petrol reduced by Rs. 5.45 per liter, now standing at Rs. 288.49 compared to the previous Rs. 293.94 per liter.
Alongside this adjustment, the price of high-speed diesel (HSD) has also been lowered by Rs. 8.42 per liter, from Rs. 290.38 to Rs. 281.96 per liter. This decision follows a declining trend in international petroleum prices over the last fortnight, as outlined in a statement by the finance ministry.
The Oil and Gas Regulatory Authority (OGRA) has revised consumer prices in line with fluctuations in the global market. This move is expected to alleviate the financial burden on consumers and provide relief amidst the challenges of rising living costs.
The reduction in fuel prices reflects the government’s commitment to ensuring the affordability and accessibility of essential commodities for the citizens of Pakistan. Furthermore, it is likely to have a positive impact on various sectors of the economy, including transportation and manufacturing.
With this adjustment, the government aims to stimulate economic growth while prioritizing the welfare of its citizens. As international market trends continue to fluctuate, the government remains vigilant in monitoring and adjusting prices to benefit consumers and support economic stability.
What are your thoughts on the new petrol price in Pakistan? Do you think the government made the right decision? Share your opinions in the comments section below.
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