The federal government has provided minor relief to the public by reviewing the prices of petroleum products. According to a notification issued by the Petroleum Division, the prices of petrol and high-speed diesel have been reduced, while the new prices have been implemented immediately.
According to the official notification, the price of high-speed diesel has been reduced by 66 paise per liter. On the other hand, the price of petrol has been reduced by 12 paise per litre. Although the rate of reduction is limited, it is the latest decision after the recent fortnightly review.
According to the government, the prices of petroleum products are determined by taking into account the prices of crude oil in the global market, import costs, the exchange rate of the dollar against the rupee, taxes and other relevant financial factors. On this basis, the government reviews the prices at regular intervals and announces new rates.
Economists say that the recent slight reduction in prices may provide limited immediate financial relief to the public, while the operating costs of transport, logistics and a few other fuel-consuming sectors are also expected to decrease slightly. However, since the reduction is very small, it is not expected to have a significant impact on inflation or overall prices of essential commodities.
According to analysts, the future prices of petroleum products will depend on global crude oil prices, the situation in the international energy market, import costs and the value of the rupee. If crude oil prices in the global market change further, it may also have an impact on future pricing in Pakistan.
The government maintains that the pricing of petroleum products is determined under a transparent and established procedure to maintain a balance between consumers and the national economy in accordance with global market trends and local economic conditions.