Tuesday, 23 July 2024
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AsiaEconomy

Pakistan declares the largest relief in petrol price reduction

  • The cost of gasoline and fuel by reduced Rs 40 is a huge relief.
  • Due to a decrease in the global market and an increase in the value of the rupee, the prices will be lowered for the next 16 days.
  • A litre of mustard oil now costs Rs 500, while a kilogram of grain costs Rs 160.

The interim administration of Pakistan has drastically reduced the cost of gasoline and fuel by Rs 40 starting on Monday, October 16, which is a huge relief.

As to the Ministry of Finance‘s statement, due to a decrease in the global market and an increase in the value of the rupee, the prices of gasoline and high-speed diesel (HSD) will be lowered for the next 16 days, until October 31.

Pakistan’s Economic Crisis

Because of the decline in global petroleum prices and the strengthening of the Pakistani rupee versus the US dollar, the Pakistani government has updated the prices of petroleum products.

The ex-depot price of gasoline was approximately Rs284 per litre after the price of gasoline was reduced by Rs40 and the price of HSD by Rs15.

It is important to note that up until September 30, the retail price of gasoline and high-speed diesel was historically set at Rs331-333 a litre. However, after that date, the price was lowered to Rs 283 today by the Anwaar-ul Haq Kakar government.

The nation has been experiencing severe economic instability, forcing its residents to pay exorbitant prices for necessities. In actuality, a litre of mustard oil now costs Rs 500, while a kilogram of grain costs Rs 160.

In addition, the government raised electricity rates recently even though it was aware that multiple protests against the temporary administration had been planned.

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