ISLAMABAD: The government on Saturday announced reduction in prices of petrol and High Speed Diesel (HSD) effective from November 01, 2020.
In a notification issued by the ministry of finance said that the government had decided to reduce prices of petrol by Rs1.57 per liter and HSD by Re 0.84 per litter.
The new prices effective from 12 midnight today are as follow:
MS Petrol Rs 102.40 per liter
HSD Rs103.22 per liter
Kerosene oil Rs65.29 per liter
Light Diesel Oil Rs62.86 per liter
The latest revision in petroleum prices is expected to provide modest relief to consumers and transporters, particularly at a time when inflationary pressures continue to impact household budgets. Analysts believe that even a slight decrease in fuel costs can help ease transportation expenses and may contribute to stabilizing prices of essential commodities. However, they caution that global oil market volatility and exchange rate fluctuations remain key determinants of domestic fuel pricing.
The government reviews petroleum prices on a fortnightly basis, taking into account international oil prices and currency parity. Any sustained decline in global crude rates could translate into further relief for consumers in the coming weeks, while an upward trend may reverse the current benefit.