Pakistan announces ‘major Eid gift’ for public by reducing petrol price by over Rs10 per liter

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.