Despite ongoing efforts to control inflation, the rising cost of essential goods, including petrol, diesel, and food items, has significantly impacted the lives of common citizens. The soaring prices of vegetables, pulses, oil, and grains have put an additional financial burden on households across the country. However, in a significant move, the Government of Pakistan has announced a reduction in fuel prices to provide some relief to the people.
Pakistan Government Lowers Petrol and Diesel Prices
The Finance Ministry of Pakistan has issued an official notification announcing a reduction in fuel prices. According to the latest order, the price of diesel has been slashed by Rs 4, bringing it down from Rs 267.95 to Rs 263.95 per liter.
Similarly, the price of petrol has been reduced by Rs 1, lowering it from Rs 257.13 to Rs 256.13 per liter. Additionally, the cost of kerosene oil has decreased by Rs 3.20, and light diesel has seen a drop of Rs 5.25 per liter.
Global Oil Prices and Their Impact
The fluctuation in global crude oil prices has played a significant role in this decision. While crude oil prices increased on Friday, they dropped again on Saturday. The price of WTI crude fell by 0.77% (or $0.55) to $70.74 per barrel, while Brent crude declined by 0.37% (or $0.28) to $74.74 per barrel. This downward trend in global crude oil prices has enabled the Pakistani government to announce these reductions in fuel prices, offering relief to consumers.