The Government has announced a massive reduction in the Petrol Prices in Pakistan from 1 March 2022 on the directives of Prime Minister Imran Khan to provide relief to general public amid the rising inflation rate in the country. The announcement was made by Prime Minister Imran Khan during his address to the nation on Monday.
According to the announcement, Petrol Price in Pakistan has been decreased by Rs. 10.00 per litre, while the Price of High-Speed Diesel (HSD) in Pakistan has also been reduced by Rs. 10 per litre. Meanwhile, the Price of Kerosene Oil has been slashed by Rs. 1.00 per litre, while the Price of Light Diesel Oil (LDO) has been reduced by Rs. 5.66 per litre.
This brings the new Petrol Price in Pakistan at Rs. 149.86 per litre, the Price of High-Speed Diesel (HSD) at Rs. 144.15 per litre, Price of Kerosene Oil at Rs. 125.56 per litre, and Price of Light Diesel Oil (LDO) at Rs. 118.31 per litre.
The latest Petrol Prices in Pakistan will take effect from midnight 1 March 2022. According to Prime Minister Imran Khan, the price of these commodities will not be increased until next budget. The development came during his address to the nation on 28th February 2022.
Prime Minister Imran Khan said that Petrol Prices in Pakistan are still cheaper compared to other countries. “Among 190 countries, Pakistan stands at number 25 in terms of lowest petrol and diesel prices,” said Prime Minister Imran Khan.
He added that in Pakistan, the Price of petrol is Rs. 160 per litre, while it is Rs. 260 in India, Rs. 185 in Bangladesh, and Rs. 200 in Turkey. “If the government stops providing subsidies worth Rs70 billion every month then the Price of Petrol in Pakistan would have been Rs220 per litre,” he added.
Prime Minister @ImranKhanPTI, during his address to nation, announces to slash petroleum prices by Rs10/liter with immediate effect, and not to pass on the impact of global petrol hike to the consumer for next four months. pic.twitter.com/k1JNwAfZdS— Prime Minister’s Office, Pakistan (@PakPMO) February 28, 2022
It is pertinent to mention that Brent crude, which was $94 a barrel on 16 February 2022 has crossed the $100 mark amid the Russian invasion of Ukraine. The international oil prices reached the highest level of $105 on Thursday. which was the highest since September 2014.
Furthermore, it bears mentioning that the Oil and Gas Regulatory Authority (OGRA) had recommended an increase of Rs. 8-10 per litre in the Petrol and Diesel Price in Pakistan, however, the summary was rejected by the Prime Minister.