The federal government hints at a reduction in petrol prices in the country as the price of crude oil in the global market witnessed a decline. Petrol prices have been a major concern in the country ever since the increase in the cost of oil in the global market. Pakistan has witnessed an immense hike in the prices of petroleum products for the past few months due to which prices of daily use items increased as well causing more worries for the people.
However, the advisor to the Prime Minister, Shaukat Tarin has said that following a drop in oil prices in the global market will also result in a reduction of petrol prices in Pakistan. Similarly, Information Minister Fawad Chaudhry while addressing a press conference in Islamabad said that the impact of the decline in international crude oil prices would be passed to consumers in a “few weeks”.
The relief in petrol prices sounds like very good news for the people of Pakistan as petrol is being sold at an all-time high price of 146 per liter. The inflation rate has also gone up which has made survival for the daily wagers extremely difficult. As the price of petrol was increased, so did the cost of local traveling and local goods. This affected the people living below the poverty line adversely as they had to struggle for survival. Many riots and strikes were also recorded against such a decision of the government.
The price of oil in the global market has decreased over the concerns of the new coronavirus variant which will affect the prices of commodities in the local market. Mr. Tarin assured in his statement that the government will soon announce a relief to the people amid the soaring inflation. It is advised by the Oil & Gas Ministry that the government will slash the prices of petrol by Rs. 11 per liter and the price of diesel by Rs. 9 per liter from 16th December. The final announcement will be made after adjusting taxes (so the real change in prices might deviate from this figure).
The finance minister also tweeted in this regard, seconding the news of a reduction in petrol prices.
Allah has been kind to Pakistan. Very timely drop in oil prices globally. Brent reduce to $72.91/bbl. The full impact of this decline will be realised on Dec 15th pricing. But definitely it is big relief on imports & price pass through. Don’t forget Govt is losing 50/litre tax. https://t.co/oRIRimd1j8
— Muzzammil Aslam (@MuzzammilAslam3) November 27, 2021
The people have been eagerly waiting for the news of a relief to be able to make ends meet. The rate of inflation has been increasing drastically with the prices of petroleum products. Nevertheless, if the government announces a reduction in the cost of oil, it will undoubtedly be a very big sigh of relief for everyone.