In order to bring relief, Caretaker government has reduced fuel prices for the next 16 days, till Oct 31.
This historic move follows a decline in the foreign market and an increase in the value of the rupee.
Petrol prices decreased by Rs40 per litre, while HSD prices reduced by Rs15 per litre.
As a result, the ex-depot price of petrol is presently around Rs284 per litre.
It is worth mentioning, however, that the government has increased the petroleum duty on HSD by Rs5, hitting a historic high of Rs55 per litre, barely below the maximum allowable value of Rs60 under the legislation.
In accordance with the budget aim and obligations agreed with the International Monetary Fund (IMF), the government intends to collect around Rs869 billion in petroleum levy on petroleum products during the current fiscal year.
Following approval from the caretaker prime minister, the Ministry of Finance announced the price cut late at night.
The new price of #petrol is Rs 283.38 per litre and Rs 303.18 per litre for #HSD. pic.twitter.com/iUfmuNJtgj
— Ministry of Finance (@FinMinistryPak) October 15, 2023
As petroleum prices dropping internationally and the Pakistani rupee strengthening, the government decided to lower prices for petroleum goods.
It aims to alleviate the burden on the general public, that rely on gasoline for private transportation, rickshaws, and two-wheelers.
Similarly, the ex-depot price of HSD dropped to Rs303.18 per litre, from Rs318.18 per litre, a Rs15 per litre drop.
However, the retail price at the pump may be little higher than Rs304 per litre.
HSD is a key fuel for the transportation industry, influencing the pricing of a variety of important goods, including vegetables and other food items, and its price reduction provides customers with hope.
The ex-depot price of kerosene oil dropped dramatically, from Rs237.28 per litre to Rs215.28 per litre, a Rs22 drop.
Also, the ex-depot price of light diesel oil reduced to Rs193.45 per litre from Rs212.45.
Consumers will benefit from these price reductions in a wide variety of ways.
Between August 15 and September 15, fuel and high-speed diesel prices jumped by Rs58.43 and Rs55.83 per litre, respectively, to reach historic highs of Rs331-333 per litre at retail until September 30.
The recent decrease in fuel prices provides a silver lining for the inflation-affected population, potentially alleviating their financial load.
Consumers should expect some relief in their daily expenses as government reacts to global market trends and currency value fluctuations.
