ISLAMABAD: The government on Thursday announced a significant reduction in the prices of petroleum products, with cuts reaching up to 39 percent. This move aims to pass on the benefits of the massive decline in international oil prices to the public.
In a statement issued by the Finance Division, the government emphasized its commitment to extending maximum relief to the citizens. The reduction in petroleum prices is part of a broader range of relief packages designed to support the economy and alleviate the financial burden on the populace.
The government has introduced several relief initiatives, including an economic stimulus package, the Ehsaas Emergency Relief Program, an Incentive Package for SMEs, and various other measures. The latest effort is the substantial decrease in the prices of petroleum products, which ranges from Rs15 to Rs30 per liter, providing further facilitation to the public.
Effective from May 1, 2020, the new prices are as follows:
• Petrol has been reduced by 15 percent, bringing the price down to Rs81.58 per liter from the previous Rs96.58.
• High-speed diesel has seen a reduction of 25.31 percent, lowering the price to Rs80.10 per liter from Rs107.25.
• Kerosene oil has been cut by 39 percent, resulting in a new price of Rs47.44 per liter from the former Rs77.45.
• Light-speed diesel has been decreased by 24 percent, reducing the price to Rs47.51 per liter from Rs62.51.
The Finance Division highlighted that these measures are part of the government’s ongoing efforts to mitigate the economic impact of the COVID-19 pandemic. The reduction in petroleum prices is expected to provide significant financial relief to consumers, particularly those in the transportation and agricultural sectors, which heavily rely on diesel and kerosene oil.
The decline in international oil prices has presented an opportunity for the government to pass on the savings to the public. This move is anticipated to lower the cost of transportation and production, which could have a positive ripple effect on the prices of goods and services, ultimately benefiting the overall economy.
By reducing petroleum prices, the government aims to support households and businesses during these challenging times. The Finance Division assured that the government would continue to monitor global oil prices and adjust domestic prices accordingly to ensure that the public reaps the maximum benefit from favorable international market conditions.
This strategic reduction in petroleum prices underscores the government’s dedication to providing economic relief and supporting the well-being of its citizens amid the ongoing global crisis.