Finance Minister Ishaq Dar announces reduction in petroleum products prices

Finance Minister Ishaq Dar announced on 01 May 2023, the reduction in prices of petroleum products for the period of 1st to 15th May 2023. According to the announcement, the prices of High-Speed Diesel have been reduced by Rs 5 per litre, Super Kerosene Oil by Rs 10 per litre and Light Diesel Oil by Rs 10 per litre. The prices of petrol, however, have not been changed. 

The new prices per litre, as announced by the Finance Minister, are as follows: petrol will now be priced at Rs 282, while High-Speed Diesel will be sold at Rs 288 per litre. The prices of Super Kerosene Oil have been reduced by Rs 10 per litre and will now be sold at Rs 176.07 per litre, whereas Light Diesel Oil has also been reduced by Rs 10 per litre and will be sold at Rs 164.68 per litre. The new prices for the above mentioned products will be effective from today. 

Reduction in petroleum products prices crucial amid high inflation

This move by the government to decrease the prices of petroleum products is a positive step in the right direction, especially in the current situation of high inflation. The inflation rate for March 2023 was recorded at 35.4%, which has caused a significant burden on the common man. The prices of consumer products and construction materials have also seen a notable increase, which has made life difficult for the masses.

Reduction in prices to have a positive impact on the economy

The reduction in prices of petroleum products will have a positive impact on the economy as a whole. It will help reduce the cost of transportation and ultimately decrease the prices of essential goods, providing much-needed relief to the people. Moreover, it will also provide relief to the industrial and manufacturing sectors, which will help them to operate with a lower cost of production.

The government committed to providing relief to the people

It is important to note that the government has been taking various measures to control inflation, and this reduction in the prices of petroleum products is one of those measures. The government is committed to providing relief to the people and has taken several steps in this regard. This reduction in prices of petroleum products is a step towards that commitment. 

Finally, the reduction in prices of petroleum products is a positive step taken by the government, which will help provide relief to the people and the economy as a whole. It is hoped that such measures will continue in the future, and the government will take necessary steps to control inflation and provide a better standard of living for the people.