{"id":48381,"date":"2024-01-16T01:11:07","date_gmt":"2024-01-16T01:11:07","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/govt-slashes-petrol-price-by-rs8-per-litre-the-express-tribune\/"},"modified":"2024-01-16T01:11:07","modified_gmt":"2024-01-16T01:11:07","slug":"govt-slashes-petrol-price-by-rs8-per-litre-the-express-tribune","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/govt-slashes-petrol-price-by-rs8-per-litre-the-express-tribune\/","title":{"rendered":"Govt slashes petrol price by Rs8 per litre | The Express Tribune"},"content":{"rendered":"
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\nISLAMABAD:
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The caretaker federal government has made adjustments to fuel prices, notably reducing the cost of petrol by Rs8 per litre, effective from midnight today.<\/p>\n

Consequently, the price of petrol has decreased from Rs267.34 to Rs259.34 per litre.<\/p>\n

In contrast, the price of high-speed diesel (HSD) has been maintained at Rs276.21 per litre, with the decision justified by an adjustment in the exchange rate at Rs1.50 and a premium of $5.30 per barrel.<\/p>\n

The finance ministry, in a statement, emphasised that these revisions in oil prices align with the recommendations provided by the Oil and Gas Regulatory Authority (Ogra).<\/p>\n

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Government of Pakistan has reduced Petrol price by 8 rupees, whereas price of High Speed Diesel has been maintained. pic.twitter.com\/wIhfAVBW5t<\/a><\/p>\n

\u2014 Ministry of Finance, Government of Pakistan (@Financegovpk) January 15, 2024<\/a><\/p><\/blockquote>\n<\/div>\n

Read also: Petroleum prices likely to go down<\/a><\/strong><\/p>\n

The decision-making process took into account various factors, including the petroleum levy (PL), general sales tax (GST), premium, exchange rate, and global oil prices.<\/p>\n

The reduction in petrol prices raises expectations of increased consumption, particularly given the ongoing gas crisis in the country.<\/p>\n

Petrol serves as an alternative to compressed natural gas (CNG) in vehicles, and the current situation might lead to a surge in its usage.<\/p>\n

Conversely, the diesel price, crucial in the transport and agriculture sectors, remains unchanged, potentially contributing to inflation.<\/p>\n

The announcement does not include any revisions for kerosene oil (SKO) or light diesel oil (LDO), which were anticipated to witness a decrease of Rs3 and Rs1.50 per litre, respectively.<\/p>\n

Kerosene oil is widely used for cooking purposes in remote areas of Pakistan, where liquefied petroleum gas (LPG) is not readily available. Similarly, LDO is an essential component in industries.<\/p>\n

The decision-making process also considered the global oil market dynamics, with Brent Oil prices decreasing by $1.5 per barrel from $84.50 to $83 since January 1, 2024.<\/p>\n

Additionally, the HSD rate experienced a modest reduction of approximately $1 per barrel, falling from $97 to $95.80. It is noteworthy that during this period, the Pakistani rupee has gained ground against the US dollar by Rs3.<\/p>\n<\/div>\n