The federal caretaker government has reduced the prices of petroleum products on Wednesday, providing much-needed relief to the people who have borne the brunt of a challenging economic crisis since mid-2022.
According to a notification issued by the Finance Division, the price of petrol has been reduced by Rs2.04 whereas the tariff of high-speed diesel (HSD) has been slashed by Rs6.47.
It stated that the prices of petroleum products were reduced following a recommendation by the Oil and Gas Regulatory Authority (Ogra). After the reduction, the price of petrol has been reduced from Rs283.38 to Rs281.34.
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Petrol is predominantly used in motorbikes and cars as an alternative to compressed natural gas (CNG), especially in the Punjab province where indigenous gas is not available at CNG retail outlets.
Similarly, the tariff of HSD has been slashed from Rs303.18 to Rs296.71. HSD is primarily used in the agriculture and transport sectors, and this price reduction may help alleviate inflation to some extent.
The price of kerosene oil, whose consumption increases significantly during winters in remote areas, has been reduced to Rs204.98 per litre from Rs211.03 per litre.
Kerosene oil is commonly used in stoves, particularly in remote areas, including the northern regions of the country. The Pakistan Army is also a major consumer of kerosene oil.
The government has also reduced the price of light-diesel oil (LDO) from Rs189.46 to Rs180.45 per litre.