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Monday, June 17, 2024

Govt reduces Petrol, diesel prices

The government on Wednesday reduced fuel prices by Rs5 to 8 per litre for the next fortnight in line with the global market trend.

In a video address, Finance Minister Ishaq Dar said the price of petrol had been reduced by Rs8 per litre, whereas the price of high-speed diesel — the most inflationary item — and that of light diesel oil (LDO) was cut by Rs5 each. The rate of kerosene, however, has been left unchanged.

It’s the second consecutive reduction in the price of petrol and the third for high-speed diesel.

The minister said the government had tried to create “as much room as possible to provide relief to the people” even though global oil prices didn’t change substantially and neither had the rupee appreciated against the dollar in the last 15 days.

He said that since May 16, the government had reduced the price of HSD by Rs35 per litre and that of petrol and LDO by Rs20 and Rs17, respectively.

After the latest revision, the ex-depot price of high-speed diesel has fallen to Rs253 per litre for the next fortnight, down by Rs5 (1.9pc).

An increase in the price of HSD is considered highly inflationary as it’s mostly used in heavy transport vehicles, trains and agricultural engines like trucks, buses, tractors, tube wells and threshers and particularly adds to the prices of vegetables and other eatables.

The ex-depot price of petrol has dropped to Rs262 per litre for the next fortnight, down Rs8 (2.9pc). The product is mostly used in private transport, small vehicles, rickshaws and two-wheelers and has a direct bearing on the budget of the middle- and lower-middle class.

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