Petrol price slashed in Pakistan – but read the details!

ISLAMABAD: The federal government reduced the price of petrol by Re1 per litre in Pakistan, but it comes with a twist!

The new prices are effective from March 29 (Saturday).

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The new price of petrol now stands at Rs254.63 pre litre, down from Rs255.63, in Pakistan.

However, the price of high-speed diesel (HSD) remained unchanged at Rs258.64 per litre, leaving many consumer feeling that the relief is minimal.

The decision comes in the wake of significant fluctuations in global oil prices, which have seen a notable decline. Despite this, the government’s adjustment has been met with disappointment from the public.

Citizens expected more than a substantial cut in fuel costs, pointing out that the minor cut in petrol prices does not reflect the extent of the decrease in international petroleum rates.

The Finance Division’s notification claims that the Oil and Gas Regulatory Authority (OGRA) calculated the consumer prices of petroleum products based on the international market variations.

The latest price adjustment follows a previous decision made on March 15, when the government opted to maintain  petrol prices at their existing levels for the fortnight.

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The government this month also raised the petroleum levy from Rs60 to Rs70 per litre while keeping the fuel prices same. The move has further fuelled public anger, as many feel that the financial benefits of reduced global oil prices are not being adequately passed on to the consumers.