Petrol Prices Slashed: Relief for Consumers
The price reduction is expected to benefit millions of households and will have a positive impact on the economy. The government's decision to decrease petrol prices is a welcome move, and it is hoped that it will help to ease the burden on consumers. The reduction in fuel prices will also have a positive impact on transportation costs and household budgets.
The government of Pakistan has reduced the prices of petroleum products, effective from midnight Friday, for the next 15 days, with petrol prices decreasing from Rs256.13 to Rs255.63 per liter, and high-speed diesel prices dropping from Rs263.95 to Rs258.64 per liter.
The reduction in prices is expected to benefit around 4 million households, with an 11-kilogram LPG cylinder now costing Rs2,924.31, down from Rs2,996.88 in February. The Oil and Gas Regulatory Authority (Ogra) has also decreased the price of liquefied petroleum gas (LPG) by Rs6.15 per kg for March. The ex-depot price of high-speed diesel (HSD) has been decreased by Rs5.31 to Rs258.64 per liter, while the ex-depot petrol price has been reduced by 50 paise to Rs255.63 per liter.
The kerosene rate has been cut by Rs3.53 to Rs168.12 per liter, and light diesel oil price has been set at Rs153.35 per liter, down by Rs2.47. This reduction is a welcome relief for the middle and lower middle classes, who rely heavily on private transport and small vehicles. However, it is worth noting that Pakistan's petrol price may increase by Rs4-4.50 per litre starting March 1, despite a 3% decline in global oil prices.
The government's decision to reduce petrol prices will have a positive impact on household budgets and transportation costs, particularly for middle and lower-middle-class consumers who rely on petrol for private transport. The reduction in fuel prices is a step in the right direction, and it is hoped that the government will continue to take measures to provide relief to consumers.
