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The federal government has announced a reduction in the petrol price in Pakistan for the next fortnight. The new price will be applicable from May 1, 2024. After the reduction, petrol now stands at Rs. 288.49 from the previous Rs. 293.94. Meanwhile, the new price of High-Speed Diesel (HSD) is Rs. 281.96 compared to the old price of Rs. 290.38. In the last revision, the government announced a hike of Rs. 4.53 and Rs. 8.14 in the prices of petrol and diesel, respectively.
Earlier Expectations
Last week, media reports suggested that the federal government was gearing up to slash the petrol price by Rs. 4.88 per liter, while HSD may see a whopping decrease of Rs. 7.37 per liter. Additionally, kerosene oil and light diesel oil (LDO) were also anticipated to become more affordable, with expected price reductions of Rs. 8.03 and Rs. 5.37 per liter, respectively.
The figures from the Oil and Gas Regulatory Authority (OGRA) suggested that the premium rate on petrol has dipped to $9.60 per barrel globally, while HSD remains steady at $6.50 per barrel.
OGRA presented its recommendations to the Finance Division on April 30 for consideration. Under these expected adjustments, the price of petrol was poised to decrease to Rs. 289.06 per liter, down from the current price of Rs. 293.94, and HSD was expected to be priced at Rs. 283.01 per liter, a significant drop from Rs. 290.38. Similarly, kerosene oil and LDO were forecasted to become more budget-friendly.
This reduction in fuel prices contrasts with the previous fortnightly review, when prices increased because fuel prices are directly linked with the inflation rate in Pakistan. The prices of most daily commodities go up as soon as the prices go up. The revision of petrol prices will significantly impact the country’s overall economic activities.
What is your take on the new petrol price in Pakistan? Do you think the government made the right decision? Please share your thoughts in the comments section.
