Date: September 13, 2024
Source: Aaj News
Summary: In a move that could bring significant relief to consumers, the government of Pakistan is poised to announce a major reduction in petroleum product prices. Due to a sharp decline in global crude oil prices, local prices for gasoline, diesel, and kerosene are expected to drop by substantial margins.
Details: According to sources, the price of petroleum products in Pakistan is likely to decrease by Rs11 per litre. This reduction includes an anticipated drop of over Rs10 per litre in diesel prices and up to Rs8 per litre in kerosene prices. The decision comes in response to ongoing declines in international crude oil prices, which have influenced adjustments in the Pakistan State Oil (PSO) rates and customs duties.
Finance Minister Muhammad Aurangzeb is expected to officially announce these price cuts on the night of September 15, pending final approval from Prime Minister Shehbaz Sharif. This announcement will likely be welcomed by the public, who have been feeling the pinch of high fuel costs.
Impact on Consumers: The expected reduction in fuel prices is anticipated to ease transportation costs and lower the overall cost of living. Consumers across Pakistan are likely to benefit from reduced expenses for daily commutes and transportation of goods, reflecting positively on the economy.
Global Context: The decrease in crude oil prices in international markets has been driven by a combination of decreased global demand and increased oil production from key exporting nations. This global trend has prompted adjustments in petroleum pricing structures worldwide.
Conclusion: The forthcoming price cuts are a positive development for Pakistani consumers, reflecting a broader trend of falling global oil prices. The public can expect further details following the official announcement by Finance Minister Muhammad Aurangzeb.
