Staff Report
ISLAMABAD: In a move to provide much-needed relief to the general public, the federal government has announced a substantial reduction in the prices of petroleum products. Finance Minister Ishaq Dar unveiled the new prices during a press conference.
The highlight of the announcement is an impressive cut of Rs. 8 per liter in the price of petrol, which will undoubtedly bring relief to vehicle owners and commuters across the country. With this reduction, the new price of petrol stands at Rs. 262 per liter, considerably lightening the burden on consumers.
Furthermore, the government has also reduced the price of high-speed diesel (HSD) by Rs. 5 per liter. The revised price of HSD now stands at Rs. 253 per liter, providing some respite to commercial transporters and industries reliant on diesel-powered machinery.
The positive trend continues with the reduction of Rs. 5 per liter in the price of light diesel oil (LDO), bringing the new price down to Rs. 147.68 per liter. This adjustment is expected to benefit various sectors utilizing LDO, such as agriculture and construction.
On the other hand, the price of kerosene oil will remain unchanged at Rs. 164.07 per liter, ensuring stability for households dependent on this energy source.
The government’s decision to lower petroleum prices comes as part of its ongoing efforts to alleviate the financial burdens faced by the public. The move follows a previous review in which the government decreased the prices of all petroleum products. Notably, petrol witnessed a significant drop of Rs. 12 per liter, while HSD experienced a substantial cut of Rs. 30 per liter.
The revised prices, effective from 1st June 2023, are expected to have a positive impact on the overall cost of living for citizens. With fuel costs reduced, individuals and businesses alike can anticipate a reduction in transportation expenses, leading to potential savings in various sectors of the economy.
The government’s commitment to ensuring affordability and facilitating economic stability through such measures is likely to be welcomed by the public. As consumers await the practical implications of these lowered prices, their positive impact on daily lives is eagerly anticipated.
