Govt reduces petrol, diesel prices by Rs22 per litre each
- Decision taken to provide 'relief' to the public, says PM Shehbaz
Pakistan's government announced a significant reduction of Rs22 per litre in petrol and diesel prices, citing public relief and fulfilling a promise, amidst a notable decline in international oil prices.
- Pakistan's new petrol and diesel prices.
- Government's rationale for fuel price cuts.
- Global oil price decline and its causes.
Pakistan government announced on Friday reduction in the prices of petrol and diesel by Rs22 per litre each.
According to a statement from the Prime Minister’s Office (PMO), the decision was taken to provide relief to the public.
With the reduction of Rs22 per litre, the new rate of petrol is Rs381.78 per litre and high-speed diesel (HSD) will be sold at Rs380.78 per litre.
“The Prime Minister had promised the nation that relief would be provided to the public as soon as there was room to do so,” the PMO said. “That promise has been fulfilled exactly as stated.”
Last week, the government decreased petrol price by Rs6 per litre to Rs403.78 per litre. The price of diesel was reduced by Rs6.80 per litre to Rs402.78 per litre.
“Providing relief to the public is among my top priorities,” PM Shehbaz Sharif was quoted as saying in the PMO statement.
“Even under extremely difficult circumstances, the federal government continued providing relief to the public and offered fuel subsidies for users of public/goods transport, motorcycles, and rickshaws.
“At a time when people in other countries of the region were standing in queues to obtain petrol, timely actions by the Prime Minister ensured that petrol and diesel remained available to the public in Pakistan.
“During the worst global oil crisis, despite rising oil prices in the international market, the Prime Minister prevented increases in fuel prices by providing subsidies of more than Rs130, thereby continuing to provide relief to the public through subsidies as well,” the PMO said.
Internationally, oil futures fell 2% on Friday and were on track for their steepest weekly decline since early April after reports that the US and Iran had reached agreement on a potential ceasefire extension.
Brent crude futures for July, which expire later on Friday, were down $1.89, or 2%, at $91.82 a barrel by 1309 GMT. The more active August contract was down $1.89, or 2%, at $90.81. WTI US oil futures were down $1.70, or 1.9%, at $87.20.
The Brent benchmark has plunged by about 11% this week for its steepest weekly decline in seven. WTI, meanwhile, has dropped by nearly 10% for its biggest weekly loss in six. Both benchmarks hit their lowest price since mid-April.
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