Major Price Drop in Petroleum Prices Witnessed in Pakistan

Islamabad: Citizens of Pakistan witnessed a huge relief on Sunday when the caretaking government reduced petroleum prices to 40 Rs. The announcement was made in the notification from Pakistan’s Ministry of Finance that said the new prices for HSD will be 303.18 and 283.38 for petrol. The revised rates are effective from 16 September 2023

According to the notification, the prices are revised for two main reasons, i.e., a massive dip in international rates of petroleum items and an improvement in the Pak rupee against US dollars.

It is pertinent to note here that the current government has revised the petroleum rates twice in a row. In the previous notification, the rates dropped 8 Rs per liter for HDS and 11 Rs for Petrol.

The petroleum prices were above 300 from September 2023, and it has caused a major spike in the inflation rate. With the recent drop in rates, it is hoped that the inflation rate will also decrease.

For more news and blog visit AH BLOG.