IN THIS WEEK’S ISSUE

Pakistan has reduced the price of petrol-diesel in one blow

Logan D Suza

Pakistan, which is plagued by economic crisis, has reduced the prices of petrol and diesel a lot.

Pakistan, which is plagued by economic crisis, has reduced the prices of petrol and diesel a lot. The Ministry of Finance of the country has decided the new price of oil by issuing a notification on Wednesday.

According to the ministry’s notification, the price of petrol has been reduced by Rs 15.39 and diesel by Rs 7.88 per litre. This new fixed price has been implemented from today Thursday.

Accordingly, petrol is being sold at Rs 273.10 instead of Rs 288.49 per liter and diesel at Rs 274.08 per liter instead of Rs 281.96 earlier in all areas of Pakistan from Thursday.

According to the statement of the Ministry of Finance, the government directed the National Oil and Gas Regulatory Authority (OGRA) to determine the new price of fuel oil according to the international market price. This new price has been fixed as per OGRA’s recommendation.

Incidentally, there has been a slowdown in the international fuel oil market for the past few days. But this recession has been a blessing in disguise for Pakistan. This is the second time in a row that fuel oil prices have fallen in Pakistan this May.

Pakistan’s foreign exchange reserves are at rock bottom due to mismanagement, waste and corruption over the years. As a result, the country has to struggle to import other daily necessities including medicine and fuel.

Last year, the world’s second-largest lender borrowed $3 billion from the International Monetary Fund (IMF). Islamabad is in talks with IMF representatives for the second tranche of loans.

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