By Staff Reporter
ISLAMABAD: Pakistan cut fuel prices by 0.8-2.2 percent on Monday, the fourth consecutive cut since July 30, as global petroleum prices continue to fluctuate.
The price of petrol was cut by Rs2.07 to Rs247.03 per liter, while high-speed diesel fell by Rs3.40 to Rs246.29 per liter for the next fortnight, effective Oct. 1. Kerosene oil and light diesel prices dropped by Rs3.57 and Rs1.03 per liter, respectively.
“On the directions of Prime Minister Shehbaz Sharif, the government has reduced the price of petrol by Rs28.57 and diesel by Rs37.51 during last two months,” state-run Radio Pakistan reported. “The decline in international oil prices and fluctuations in the exchange rate have enabled the price reduction.”
Pakistan revises the price of petroleum products fortnightly. The latest price cut comes after the International Monetary Fund (IMF) approved a $7 billion loan program for Pakistan last week, expected to strengthen foreign reserves and meet external financing obligations.
The reduced petrol prices are likely to ease pressure on households and businesses battling sky-high inflation in recent months. Pakistan has been grappling with high inflation, averaging 30 percent in FY23 and 23.4 percent in FY24, which ended on June 30, 2024. However, inflation eased to 9.6 percent in August.
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