After Russian petrol reached Pakistan, inflation-stricken masses were waiting for a fuel relief for next fortnight. Federal Finance Minister Ishaq Dar came with a different one – announced that the petrol and diesel will remain unchanged till June 30. He informed that the government took the decision while considering international petrol prices.
Earlier, State Minister for Petroleum Musadik Malik uttered it repeatedly that cheap Russian oil will allow us to low fuel prices. Minister of Defence of Pakistan Khawaja Asif also stated the same. He said that the prices of petroleum products will plunge before budget 2023-24 because International Monetary Fund have no concerns regarding targeted subsidies offered on petroleum products.
Current Fuel Prices
On May 31, the government decreased the petrol prices by Rs. 8 per liter, bringing the new rate down to Rs. 262. Similarly, diesel prices witnessed a substantial decrease of Rs. 4, resulted in a revised cost of Rs. 253 per liter.
After government decided to keep petrol prices unchanged in a latest revision, above are the current prices of petroleum products.
The significant decrease in oil sales in Pakistan has raised concerns, as there was a year-over-year drop of 47% recorded in April. From July to April of FY23, the total sales have contracted by 24% to reach 13.970 million tonnes. The decline in sales can mainly be attributed to a notable reduction in furnace oil and diesel sales.
With the government taking proactive steps to tackle economic challenges, the decrease in fuel prices offers a glimmer of hope for consumers. It provides some respite from the burden of high living costs, giving them a sense of relief.
What are your thoughts on the recent revision regarding petrol prices? Please share your opinion in the comments section!
