In a welcome move for the masses, the Pakistani government has announced a substantial reduction in petrol prices. The latest news revealed that petrol will now cost Rs. 323.38/liter after a Rs. 8/liter decrease. High-speed diesel (HSD) is not far behind, witnessing a cut of Rs. 11/liter, bringing its new price to Rs. 318.18/liter.
According to the Finance Division, the decision was taken after rupee strengthened against US dollar. “In the wake of variations in international prices of petroleum products and the improvement in the exchange rate, the Government of Pakistan has decided to revise the consumer prices of petroleum products,” the the ministry said.
Meanwhile, the price of kerosene oil was also decreased by Rs7.53 taking the price to Rs. 237.28 and light diesel by Rs. Rs7.77 per litre to 212.45.
Recent Trends of Petrol Prices
This surge follows a substantial blow delivered on September 15th, with fuel prices revving up by Rs. 26. and HSD prices by Rs. 17. These consecutive hikes have hoisted petrol prices to historic highs, painting a challenging picture for citizens’ daily budgets.
The government’s reasons for these hikes have varied, from aligning with International Monetary Fund (IMF) programs to reacting to the unpredictable oil market. The recent spike, however, is pinned on the wrestling match between the exchange rate and the resilient Pakistani rupee against the formidable US dollar.
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