Govt Reduces Petrol Prices for 2nd Consecutive Time

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The federal government has reduced petrol prices for second consecutive time since March 31, 2021. According to Minister of Finance Hammad Azhar, Prime Minister Imran Khan has approved a reduction in prices of petroleum products. According to the notification, the price of petrol has been decreased by Rs1.79, and now it will cost 108.56 as compared to its old price of Rs110.35.

Meanwhile, the price of High Speed Diesel (HSD) is reduced by Rs2.32, as its current price is Rs110.76 against previous rate of Rs113.08. The prices of Kerosene Oil (SKO) and Light Diesel Oil (LDO) are decreased by Rs2.06 and Rs2.21, respectively. Hence, SKO will now cost Rs80, and new rate of LDO is 77.56.

The prices will be applicable from April 16th, 2021, the minister said.

Earlier Reduction in Petrol Prices: 

On March 31, the federal government announced to reduce the petrol prices. Addressing a press conference, Federal Finance Minister Hammad Azhar said that the price of petrol is decreased by Rs1.50. Meanwhile, the price of high seed diesel (HSD) was decreased by Rs3.

Price Hike Recommendation Rejected by PM: 

Prime Minister Imran Khan had earlier rejected the petrol prices increase summary by OGRA. After February 15, 2021, the government has not increased the rates of petroleum goods. The federal government revises the petroleum goods’ prices after every 15 days. The former governments used to do it on monthly basis.

Possible Reason Behind Price Drop:

The possible reason behind this decrease is COVID-19, as the third wave has hit the country. Recently, government  announced new restrictions, limiting the movement of public. Meanwhile, Punjab has banned the public transport, meaning the consumption of petroleum goods has reduced. The government also decreased prices when coronavirus first hit Pakistan and country-wide restrictions were implemented.

What is your opinion about this reduction? Tell us in comments section.

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