In a significant announcement by the Federal Government, Finance Minister Ishaq Dar declared the decision on petrol prices for the upcoming fortnight across the country.
This development brings much-needed relief to the masses, as the prices of petroleum products have been reduced, lessening the burden on consumers.
The details of the government's decision, highlighting the decrease in petrol and high-speed diesel prices, the effective duration, and the factors contributing to this positive change.
Decrease in Petrol and High-Speed Diesel Prices
Under the revised prices, Finance Minister Ishaq Dar revealed that the cost of petrol has been reduced by Rs. 9 per liter, while the price of high-speed diesel has been cut by Rs. 7 per liter. This reduction in prices reflects the government's commitment to alleviate the financial strain on the public, providing them with some respite from rising fuel costs. The new prices are as follows:
- Petrol: Rs. 253 per liter (reduced by Rs. 9 per liter)
- High-Speed Diesel: Rs. 253.50 per liter (reduced by Rs. 7 per liter)
Petrol Price Comparison:
| Petroleum Product | Previous Price (per liter) | Revised Price (per liter) | Price Reduction |
|---|---|---|---|
| Petrol | Rs.262 | Rs. 253 | Rs. 9 |
| High-Speed Diesel | Rs.260.50 | Rs. 253.50 | Rs. 7 |
Effective Duration and Unchanged Prices
The revised petroleum prices will come into effect from 16th to 31st July, providing relief to consumers during this period.
It is worth noting that while the price of petrol and high-speed diesel has been adjusted, no changes have been announced regarding the prices of kerosene oil or light-diesel oil.
This information is crucial for individuals who rely on these petroleum products and need to plan their expenses accordingly.
Appreciation of the Pakistani Rupee
Finance Minister Ishaq Dar attributed the decrease in petroleum prices to the recent appreciation of the Pakistani Rupee against the US Dollar.
This positive currency exchange rate has offset the impact of rising oil prices, effectively neutralizing their effects on the local market.
Consequently, the government can pass on the benefits to the consumers by reducing the prices of petrol and high-speed diesel.
Exclusion of Additional Petroleum Development Levy (PDL)
During the announcement, Minister Dar emphasized that the government had already factored in a portion of the petroleum development levy (PDL) in the prices implemented on July 1st.
Therefore, no additional portion of the PDL will be passed on to the consumers in the latest price notification. This decision underscores the government's commitment to prioritize the well-being of the people and ensure that they receive maximum relief from the reduced petroleum prices.
The recent decision by the Federal Government to decrease petrol and high-speed diesel prices brings considerable relief to the masses. The reduced fuel prices will be effective from 16th to 31st July, providing consumers with a temporary respite from escalating expenses.
The appreciation of the Pakistani Rupee against the US Dollar has played a pivotal role in mitigating the impact of rising oil prices, enabling the government to pass on the benefits to the people.
This decision aligns with Prime Minister Shehbaz Sharif's directive to prioritize providing relief to the citizens, ensuring their well-being and financial stability.
