Things did not look good with whatever is going on in the world. The international crude oil prices crossed $100 per barrel and were still going up. We all knew another petrol price hike was coming. But to everybody’s surprise, PM Khan has reduced the fuel prices by Rs. 10.
This sudden price reduction is beyond great for Pakistanis, except those who got their tankis full last night.
New Petroleum Prices
Last night, the government reduced the petrol and diesel prices by 10 rupees, light diesel oil price by 5 rupees, and kerosene oil price by one rupee. The new petroleum prices are as follows.
Petrol is at Rs. 149.86 per litre.
High-speed diesel is at Rs. 144.15 per litre.
Kerosene oil is at Rs. 125.56 per litre.
Light diesel oil is at Rs. 118.31 per litre.
The prices will remain in effect till the 15th of March.
PM’s Visit to Russia
You know how the European countries boycotted Russia, their largest oil supplier, due to its geopolitical tensions with Ukraine. That led to an oil crisis in Europe taking the international oil prices to the sky. In the middle of everything, our Prime Miniter Khan visited Russia and negotiated the oil supply matters.
Last night, the PM announced in an address to the nation that Pakistan will import natural gas and wheat from Russia. With that came the fuel price reduction. The PM also claimed that the government won’t increase the fuel prices until the next budget, which is a tall order for the government itself, but let’s see.
Despite the reduction, the fuel prices are still high. But if you look at it from the other angle, we dodged the bullet of an incoming price hike. If the government had hiked the fuel prices, petrol would be at Rs. 170 right now. Instead, they reduced the prices by Rs. 10. So, technically, we’ll be saving from 20 rupees one one litre petrol.
What is your stance on the petrol price reduction? Share your thoughts and feelings with us.
Ideally yes, the fuel prices must be fixed for a year long.. Keep the margins such that when the international prices goes down you have a buffer to facilitate when the prices go up. The longer term impact will be stabilization of prices. Changing prices every 15 days to a month never lets the shock of price change settle down.