The government has announced that petroleum prices will remain unchanged for the coming week. This means that the price of high speed diesel will remain at Rs311.47.
Read more: Petrol in Pakistan is now cheaper than India, Bangladesh, China
The price of petrol (Motor Spirit), on the other hand, will remain at Rs299.50
Pakistan is officially one of the cheapest countries in the South Asian region for petrol price, after the federal government reduced the price last week. The prices of petrol and High-Speed Diesel (HSD) have been reduced to Rs299.78 and Rs311.78, respectively.
Pakistan’s petrol prices have dropped below those of a number of regional countries with the latest revision. In India, the current price of petrol is approximately Rs336 per litre while Bangladesh has petrol at Rs317, China at Rs369 and Sri Lanka at Rs434 per litre, putting Pakistan at the forefront when it comes to the affordability of petrol.
The reduction is a sign of the government’s move to pass the benefits of the improved economic situation in the region, as well as the lower international oil prices, on to the people. Prime Minister Shehbaz Sharif said that the government has kept its commitment to cut petrol prices by Rs74 per litre and diesel prices by Rs67 per litre, he said.
The prime minister admitted that the people are facing financial difficulties and expressed their patience and resilience in the difficult times of the economy. He also thanked the public for their support during the period of uncertainty towards the government.
The cut is anticipated to ease the plight of millions of Pakistanis. Petrol use is mainly for private vehicles, motorcycles, rickshaws and small transport firms, making the reduction in prices directly impact middle and lower middle class households.
In the meantime, the lower cost of diesel may also bring down operating costs for the heavy transport and agriculture industries and for power generation and other industries, which could ease inflationary pressures in the economy.
Also read: Petrol prices to drop further after Rs74 cut last week
