Amidst the ongoing conflict in the Middle East, the global oil crisis continues to deepen. In many countries, oil prices are skyrocketing. Meanwhile, Pakistan witnessed a massive hike in petrol and diesel prices last Thursday. This surge in oil prices triggered widespread protests across the country.
In response, Pakistan’s Shehbaz government immediately executed a U-turn and announced a reduction of 80 rupees per liter in petrol prices. This drop in petrol prices is expected to provide some measure of relief to the general public in Pakistan.
What Was the Price of Petrol?
It is worth noting that the reduction in petrol levy rates was implemented to offset the simultaneous increase in diesel prices. Currently, diesel is priced at 520.35 rupees per liter in Pakistan. Meanwhile, the price of petrol had reached 458.40 rupees per liter—a figure that the Shehbaz government is now reducing by 80 rupees per liter.
Prices Had Been Raised Just a Day Earlier
This new decision by Pakistan’s Shehbaz government comes just one day after an unprecedented hike of 43 percent and 55 percent in the prices of petrol and High-Speed Diesel (HSD), which had sparked massive protests across the nation.
At What Price Will Petrol Now Be Available?
In an address delivered at midnight on Friday, Sharif announced that the government has decided to reduce the petrol levy (tax) by 80 rupees per liter, thereby making it available to the average consumer at a rate of 378 rupees per liter. The Prime Minister of Pakistan stated that there would be no further changes to petrol prices for at least one month.
Ongoing Tensions in the Middle East Blamed
Shehbaz Sharif emphasized that the ongoing tensions in the Middle East are responsible for the rise in petroleum prices; however, he assured the public that the government is making every possible effort to keep prices under control. Furthermore, Shehbaz Sharif announced relief measures for vulnerable sections, including a subsidy of ₹100 per liter for motorcycle users, ₹70,000 to ₹80,000 for goods-carrying vehicles, and ₹100,000 for passenger vehicles.
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