ISLAMABAD: Following a decline in the price of crude oil internationally, the federal government, which is governed by the Pakistan Democratic Movement (PDM), announced Monday a reduction in the price of petrol by Rs12 per litre to Rs270 per litre.
Senator Ishaq Dar, Minister of Finance and Revenue, announced the rates during a televised speech. They will go into force at 12 a.m. tonight and remain in place for the next two weeks.
According to the minister, the government “tries to give relief to the masses during every fortnightly review” by slashing petroleum product (POL) tariffs by up to RS30 per litre.
In light of the price drop and the fact that the POL products rate has an impact on a variety of other goods, the finance minister pleaded with the carriers to offer “fair” assistance to the general public.
The request was made as the cash-strapped country battles rampant inflation, which is still at an all-time high of 36.4% and is the fastest in South Asia, even surpassing defaulting Sri Lanka.
“In view of the decreasing cost trend of petroleum products on the global market, the Government has decided to reduce the current prices of petroleum products in order to pass on advantages to consumers and provide utmost assistance to the masses,” the Finance Division stated in a subsequent statement.