In a move aimed at providing some relief to the public grappling with soaring inflation, the government is poised to lower the prices of petroleum products for the first half of October. This decision comes on the heels of a resurgence in the Pakistani rupee’s strength after a substantial crackdown.
According to media reports, during the initial fortnight of October, the cost of petrol is expected to witness a notable decrease, falling in the range of Rs12-15 per litre. This anticipated reduction in petrol prices marks a significant shift, primarily attributable to the recent strengthening of the Pakistani rupee.
It has been reported that the interim government is considering a reduction in the price of kerosene as well, potentially by Rs8-10 per litre. However, the ultimate decision in this regard rests with the Prime Minister.
This forthcoming price adjustment signals the first decrease in two months, primarily owing to the appreciation of the Pakistani rupee. The last revision in petrol prices occurred back in July when petrol saw a reduction of Rs9 per litre, bringing it down to Rs253 per litre, while diesel experienced a reduction of Rs7 per litre, settling at Rs253.50 per litre.
Earlier this month, the caretaker government announced yet another increase in the prices of petrol and diesel, reaching historic highs. This latest hike came on top of the Rs32.41 per litre increase in petrol prices and the Rs38.49 per litre increase in High-Speed Diesel (HSD) prices since August 15. When combined, these increments amounted to a substantial Rs58.43 per litre increase within the span of just one month.
The government’s decision to lower petroleum prices for the upcoming fortnight reflects a concerted effort to ease the financial burden on the general public, who have been grappling with the challenges posed by rising inflation. It is also indicative of a more stable and favourable economic environment driven by the recent strengthening of the Pakistani rupee.
