Islamabad: Giving another big relief to the public, the federal government has announced a significant reduction in the prices of petroleum products, under which the price of petrol has been reduced by Rs 6 per litre and the price of high-speed diesel by Rs 6.80.
According to a notification issued by the Ministry of Petroleum, the new prices will be implemented from 12 midnight. The government has taken this decision keeping in mind the decline in crude oil prices in the global market and the local economic situation.
This is the second consecutive time that the government has reduced the prices of petroleum products. Earlier, last Friday, the prices of petrol and diesel were reduced by Rs 5 per litre, after which the public has received significant relief overall.
According to economic experts, the reduction in the prices of petrol and diesel will not only reduce transport costs but is also expected to have a positive impact on the prices of food items and other daily necessities. This decision is being described as a significant development, especially in the field of commercial activities, freight and public transport.
The public has also welcomed the government’s decision. Citizens say that the reduction in fuel prices was very necessary due to recent inflation and rising costs. Transporters and the business community have expressed hope that this decision will reduce the cost of doing business to some extent.
On the other hand, experts say that due to the fluctuation in crude oil prices in the global market, there is a possibility of changes in the prices of petroleum products in the coming weeks. They said that the government’s policy will depend on global oil prices, the value of the rupee and import costs.
According to economic analysts, if crude oil prices remain low at the global level, more relief can be given in the coming days. However, they warned that the tense situation in the Middle East could affect the global oil market again.
The government is calling the recent price cuts part of a public relief package, while various quarters are demanding that the effects of this reduction should also be reflected in the prices of common necessities so that the people affected by inflation can receive real benefits.
