Pakistan slashed fuel prices ahead of the Eid ul Adha festival on Friday. The Pakistan government cut down prices of petrol by Rs 10.20 per litre and high-speed diesel by Rs 2.33 per litre. The new prices came into effect from June 15, 2024.
After the price revisions, the price of petrol touched Rs 258.16 per litre, while the price of high-speed diesel stood at Rs 267.89 per litre, The Express Tribune newspaper reported citing a statement from the Prime Minister’s Office on Friday.
Typically, the Finance Division reviews the fuel prices every fortnight, reported PTI. The authorities issued official communication for the price cuts and said that these new prices would be applicable for the next 15 days.
The authorities also informed that the Oil and Gas Regulatory Authority (Ogra) decided the consumer prices on the basis of price fluctuations in the global market. The decision to cut down fuel prices is anticipated to help the Pakistani people who have been suffering due to double-digit inflation.
Notably, Pakistan has been affected by inflation over 20 per cent since May 2022 as the cash-strapped country implemented reforms as part of the bailout programme from the International Monetary Fund (IMF).
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The annual inflation slowed for the fourth month to 17.3 per cent in April marking the lowest in almost two years. Official data revealed that the inflation figures touched 38 per cent earlier in May 2023.
The price of petroleum products have observed a mixed trend in the overseas market in the last 2 weeks. Earlier on May 31, the government slashed the prices of petrol and HSD by Rs 4.74 per litre and Rs 3.86 per litre respectively.
The fuel prices has been undergoing a downward trend and have been lowered three times straight in the last one and a half month owing to the weakening in global oil prices.