In a significant move to address mounting pressure and provide relief to the public, the federal government has announced a substantial reduction in petrol prices. Finance Minister Ishaq Dar made the announcement during a televised address, stating that petrol prices will be slashed by Rs8 per litre, bringing the new price to Rs262 per litre. This decision comes as a response to the previous record-high prices and the prevailing inflation rate in the region.
Decrease in Petrol and Diesel Prices
Following the government’s decision, the price of diesel will also witness a reduction. The new price for diesel will be Rs253 per litre, representing a decrease of Rs5. Minister Dar emphasized that these revised prices will take effect from 12am tonight and will remain unchanged for the next two weeks. This move aims to stabilize prices and alleviate the burden on the public.
Positive Impact on the Economy
The reduction in petrol prices is expected to have a positive impact on the economy. The high petrol prices earlier this year had created significant challenges for the public, leading to increased inflation rates. However, the recent decline in global oil prices has provided some relief. By lowering the prices, the government aims to counter the effects of inflation and boost economic stability.
Government’s Response to Challenges
While the decrease in petrol prices is a welcome step, the government acknowledges the challenges it faces in maintaining stability. The depreciation of the rupee has been a persistent issue, making it difficult to keep prices in check. Oil marketing companies (OMCs) had estimated a potential reduction of Rs5 per litre for both petrol and diesel. Speculations were also circulating that the government might maintain the prices of petroleum products unchanged due to the rupee’s depreciation.
Support from PML-N Senior Leader
The government’s decision to slash petrol prices has garnered support from various quarters. PML-N senior leader Maryam Nawaz took to Twitter to share the news with her followers, indicating a positive response to the government’s initiative. This support reinforces the importance of the decision and its potential benefits for the public.
In conclusion, the federal government’s decision to reduce petrol prices by Rs8 per litre is a significant step towards providing relief to the public. With the new prices taking effect immediately and remaining stable for the next two weeks, the government aims to tackle the challenges posed by high inflation rates and the depreciation of the rupee. This move, supported by PML-N senior leader Maryam Nawaz, reflects the government’s commitment to addressing the concerns of the public and ensuring economic stability. By taking proactive measures and responding to the current economic landscape, the government aims to bring about positive change and alleviate the burden on the citizens.