Finance Ministry of Pakistan has announced the low prices for petroleum products, according to which the price of high speed diesal is Rs272.99 after the redction of Rs12.84. However, the price of pertol remained unchanged and it is now Rs.264.61 per litre.
According to the notification of Finance Minister, the price of superior kerosene oil is reduced Rs.8.21 and reached Rs.162.37 per litre. Ministry has told that this decision is done according to oil and gas regulatory authority (OGRA).
Oil prices in Pakistan are fixed every fortnight, which effects the internation oil market trends, currency fluctuation, and changing in local taxes. This method ensures that changes in import expenses reaches public directly, which helps in maintaining fuel supply chain.
However, the recent reduction will not effect comman man, because petrol is mostly used in private cars, small vehicles, rickshawa and motorcycles, however diesal is mostly used in heavy vehicles which are used to transport goods in different countries.
The reduction in the price of diesal will reduce the cost of transportation of goods, especially in agriculture sector, which can reduce the inflation of daily goods and food products.
Government has taken this decision according to global market trends and fluctuation in exchange rate. Petrol price slightly increased in international level, after which these changes have been made in the local prices.
Also read: Fuel prices in Pakistan set to drop next week
