Besides the Rupee devaluation, back-to-back increase in petrol prices has been another reason for burgeoning inflation in Pakistan. The incumbent government’s not well-thought economic strategies regarding depleting foreign reserves put the country’s middle class in severe pain.
For a couple of months, the government has been trying hard to make a deal with Russia for cheap oil. Last month, State Minister for Petroleum Musadik Malik confirmed that one cargo would dock at Karachi port next month.
In a recent development, Secretary Information Pakistan Petroleum Association Khawaja Asif Mehmood stated that the price of petrol should be reduced by at least half a dollar, i.e., up to Rs. 100 after Russian oil reaches Pakistan.
While communicating to the media, Khawaja informed that petrol prices in Pakistan should have been reduced after the price of oil decreased in the global markets, but the government is trying to support the dwindling economic graphs by retaining fuel prices. Russian oil will reach Pakistan in the third week of this month on a trial basis, he added.
Khawaja said that this time, we have two oil refineries carrying the capacity to refine Russian oil, the rest need work. As per the agreement, Pakistan is getting oil cheaper than the market price of 15 to 18 dollars; if the government reduces even one or half a dollar, it will be a massive relief for inflation-stricken masses.
Current Petrol Prices
Despite the reports of possible reduction, the federal government retained petrol prices for the next fortnight. Earlier media reports suggested that the government may decrease the petrol price by Rs. 4.5 per liter, while diesel prices may observe a slump of Rs. 6 per liter. However, the reports were only partially correct.
Here are the new fuel pieces in Pakistan:
- Petrol price – Rs. 282/liter.
- High-Speed Diesel (HSD) reduced by Rs. 5 and now stands at Rs. 288
- Meanwhile, Kerosene Oil’s price is decreased by Rs. 10. The new price is Rs. 176.07.
- Light Diesel Oil also observed a slump of Rs. 10/liter taking the price to Rs. 164.68.
What do you think about the new price after Russian cheap oil comes to Pakistan? Drop your thoughts in the comments section.
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