KARACHI: The government on Friday announced a reduction in the per liter prices of petrol and high-speed diesel by Rs10.2 and Rs2.33, respectively, in a move described as a “major Eid gift” for people by Prime Minister Shehbaz Sharif’s administration.
Pakistan sets fuel prices on a fortnightly basis, adjusting for fluctuations in the international energy market and rupee-dollar parity, allowing the government to pass on the effects to consumers.
Two weeks ago, the prime minister promised substantial relief, saying his administration would cut the costs of petrol and diesel by Rs15.4 and Rs7.9, respectively.
However, the notification released by the finance division surprised everyone, as it only reduced the per liter prices of petrol and diesel by Rs4.74 and Rs3.86.
“The prices of Petroleum products have seen a mixed trend in the international market during the last fortnight,” said the finance division in the latest notification. “The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market.”
The notification listed down the new petrol and diesel prices applicable from Saturday, June 15, as Rs258.16 and Rs267.89, reflecting the decrease of Rs10.2 and Rs2.33, respectively.
“On the occasion of Eid Al-Adha, Prime Minister Muhammad Shehbaz Sharif announces a major Eid gift for the public,” the government announced in a social media post. “There is a significant reduction in the price of petrol by 10 rupees and 20 paise per liter, and a decrease in the price of diesel by 2 rupees and 33 paise per liter.”
“So far, a total relief of 35 rupees per liter on petrol has been provided to the public,” it added.
https://x.com/GovtofPakistan/status/1801684952314175803
Fuel prices are crucial in every economy, and they have become particularly significant for Pakistan, which has experienced high inflation recently.
This situation has transformed fuel pricing into not only an economic issue but also a politically sensitive one, as it impacts the cost of living and influences public sentiment toward the government.
Pakistan announces ‘major Eid gift’ for public by reducing petrol price by over Rs10 per liter
https://arab.news/nmq5n
Pakistan announces ‘major Eid gift’ for public by reducing petrol price by over Rs10 per liter
- Government sets fuel costs on a fortnightly basis after reviewing international prices, rupee-dollar parity
- PM Sharif’s administration says it has so far given a total relief of Rs35 rupees on petrol to Pakistani people
Pakistan to unveil austerity plan on Monday as Middle East conflict drives oil price surge
- The development follows an increase of Rs55 ($0.20) per liter in prices of petrol and diesel in Pakistan this week
- PM Shehbaz Sharif promises ‘maximum relief’ to people as soon as ‘this difficult phase passes’ and economy stabilizes
ISLAMABAD: Pakistan is set to unveil an austerity plan tomorrow, Monday, as surging global oil prices, driven by United States and Israeli strikes on Iran, mount pressure on Prime Minister Shehbaz Sharif’s government to curb spending and stabilize the economy, the PM’s office said on Sunday.
The development follows an increase of Rs55 ($0.20) per liter in the prices of petrol and diesel in Pakistan this week as the Strait of Hormuz, which supplies a fifth of the global oil consumption, faces disruptions due to US-Israeli strikes on Iran and Tehran’s counter attacks on US interests in the Gulf region.
Pakistan’s Petroleum Division was directed to submit daily stock reports, while the country’s Oil and Gas Regulatory Authority (OGRA) was tasked with maintaining strict market oversight, officials said this week, as oil rose above $90 a barrel globally, the highest in years.
Sharif on Sunday presided over a meeting to review measures to stabilize the economy amid the Middle East conflict, with officials saying global supply disruptions and price fluctuations may have an impact on Pakistan, according to the prime minister’s office.
“In view of the recent international situation, timely implementation of measures is essential for the country’s economic stability,” Sharif was quoted as saying at the meeting. “The government is constantly monitoring the situation and all necessary decisions will be taken to provide all possible stability to the national economy.”
Earlier in the day, Pakistan’s Finance Minister said that Islamabad was preparing alternative plans to manage the financial impact of rising oil prices.
Speaking at the meeting, Sharif said the austerity measures must protect the interest of the people.
“All government employees and ministers will have to adopt austerity,” he said. “In the current difficult times, it is important to ensure wise use of national resources and as soon as this difficult phase passes and the economy becomes more stable, the government will provide maximum relief to the people.”
Instructions regarding austerity and simplicity will not be applicable to the industry and agriculture sectors so that the country’s production, exports and food security are not affected, according to Sharif’s office.
Several suggestions and recommendations based on austerity and simplicity were presented at the meeting, which were reviewed in detail by participants.
“The briefing was informed that the country has adequate reserves of diesel, petrol and other petroleum products and the government has made advance arrangements to deal with any emergency,” Sharif’s office said.
