Fuel Prices Witness a Significant Decrease

16 May 2023

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Fuel Prices Witness a Significant Decrease

In a welcome move aimed at providing relief to the public, the government has announced a substantial reduction in fuel prices. Finance Minister addressed the nation in a televised speech, emphasized the government's commitment to adjusting petrol prices in line with international market trends. The customers can check that fuel prices witness a significant decrease.

Effective from midnight, petrol prices will witness a remarkable decrease of Rs.12 per liter, bringing the new rate down to Rs.270. Similarly, diesel prices will experience a significant cut of Rs.30, resulting in a revised cost of Rs.258 per liter. Kerosene oil prices will also be reduced by Rs.12, now standing at Rs.164.07, while light diesel oil will be available at Rs.152.68 per liter after an Rs.12 deduction.

Minister DAR stressed the importance of ensuring that the benefits of these price reductions reach the public across various sectors. He urged transporters and other diesel-consuming industries to pass on the relief to consumers through reduced fares, allowing the entire economy to reap the rewards of this positive development.

It is worth noting that the government had maintained petrol prices at the same level since April 30, while high-speed diesel witnessed a decrease of Rs.5 per liter during that period.

The recent decline in overall oil sales in Pakistan has raised concerns, with a significant year-over-year drop of 47% recorded in April. From July to April of FY23, total sales have shrunk by 24% to 13.970 million tonnes. This decrease in sales has primarily been attributed to a significant decline in furnace oil and diesel sales.

As the government proactively addresses economic challenges, the reduction in fuel prices brings a ray of hope for consumers, providing some relief from the burden of high living costs. This reduction not only benefits individuals at the pump but also has the potential to positively impact various industries and sectors, stimulating economic growth in the long run.

With these measures in place, the government remains committed to prioritizing the welfare of its citizens and ensuring that they can navigate their daily lives with greater ease in the face of economic challenges.

Petrol Fuel Prices in Pakistan Fuel Prices Decrease Fuel Cost in Pakistan Oil Prices 2023

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