Fuel Cost Reduction Announced
Islamabad: The federal government of Pakistan has announced that fuel prices have dropped for the third time in a row. Petrol prices would fall by Rs4.74 per liter starting on June 1st. The petrol price cut will be from Rs273.10 to Rs 268.36.
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The price of diesel has also decreased by Rs3.86 per liter. Hence, you can now get diesel at cheap rates. The price per liter has been adjusted to Rs 270.22 from Rs 274.08.
The decision was made in response to a decrease in oil prices globally, which prompted local modifications. The Oil & Gas Regulatory Authority (OGRA) has decided to cut the price of petrol by monitoring global market trends.
The revised fuel and diesel pricing is intended to lessen the financial burden that inflation is placing on citizens. As per the notification from the Finance Division, these changes will take effect at midnight on June 1.
In the past, the government significantly reduced the cost of fuel, lowering the price of diesel by Rs7.88 per liter and gasoline by Rs15.39 per liter.
Fuel prices in Pakistan are reviewed every two weeks, considering changes in the price of oil globally and the stability of the local currency relative to the US dollar. Pakistan, which imports around 85% of its oil, is highly dependent on these imports despite facing other financial challenges, such as high inflation rates, which increased to 17.3% in April of last year compared to the previous year.
