Petrol Prices Likely to Drop by Up to Rs. 10 – Sources

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As the petrol prices went down in the global market, it is expected that the incumbent government is planning to trickle down its effect to inflation-stricken middle-class men – to bring some relief in Petrol prices in Pakistan.

Sources have revealed that the relief in petrol prices could be more than Rs. 5 per litre or up to Rs. 10. Whilst diesel prices could observe a decrease of up to Rs. 20.

New Fuel Prices in Pakistan 

  • After the increase of Rs. 5/liter, the petrol price now stands at Rs. 272 instead of Rs. 267. 
  • The new price of High-Speed Diesel (HSD) is Rs. 292 compared to the old rate of Rs. 280, which saw a jump of Rs. 13/liter. 
  • Kerosene Oil observed an increase of Rs. 2.56/liter, taking the price to Rs. 190.29 against Rs. 187.73. 
  • The price of Light Diesel Oil (LDO) remained unchanged and still stands at Rs. 184.68/liter.

No Cheap Petrol For Motorcyclists

International Monetary Fund (IMF) has seriously objected to the cheap petrol scheme and rejected the initial proposal by the government. The government has announced an Rs. 50/liter subsidy for motorcycles, rickshaws, and cars up to 800cc. As per the initial suggestion, the government has planned to increase petrol prices for car owners by Rs. 50/liter and relieve the lower-income segment of society from it.

However, as per media reports, the lender body has raised questions, including the subsidy amount for this scheme and where it will come from. How many consumers will come under this plan? And how much loss will government face? IMF has asked Islamabad to provide a detailed proposal for the scheme. 

As per sources, a virtual meeting was held between both sides, during which IMF stressed upon preparation of the revised plan. The global body also stressed providing more targeted and effective subsidies for people experiencing poverty.

What do you think about the expected down in petrol price in Pakistan? Drop your thoughts in the comments section.

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