The government has announced to provide partial relief to the public by reducing the prices of petroleum products. According to a notification issued by the Petroleum Division, the new prices will be applicable from August 4, after which petrol and high-speed diesel will be available at lower rates across the country.
According to the official announcement, the price of petrol has been reduced by Rs 4.8 per litre, while the price of high-speed diesel has been reduced by Rs 2.45 per litre. This decision has been taken after the trend of prices in the global oil market and the daily review of fuel prices as per the government policy.
The government is currently determining the prices of petroleum products on a daily basis so that the impact of changes in crude oil prices and import costs in the international market can be transferred to the local market relatively quickly. Under the current procedure, OGRA announces prices daily, while the previously issued prices remain unchanged on Saturdays and Sundays.
This recent reduction comes after a slight reduction in previous prices. On July 31, the price of petrol was also reduced by 12 paise per litre and the price of high-speed diesel by 66 paise per litre, while this time the consumers have been provided with relatively more relief.
According to economists, the reduction in fuel prices may reduce transport costs to some extent, which may also have an impact on the delivery of goods, business activities and the prices of some essential commodities. However, the overall economic impact will depend on global crude oil prices, the value of the rupee and the government’s pricing policy in the coming days.
Experts say that if crude oil prices remain stable in the global market, there will be possibilities of changes in fuel prices at the local level in the future. On the other hand, consumers and business circles are keeping a close eye on the price trend in the future as well, because the prices of petroleum products directly affect the country’s economy, transport and daily expenses.