Pakistan Slashes Fuel Prices Ahead of Eid ul Adha

In a bid to provide relief to inflation-hit citizens, Pakistan has reduced the prices of petrol and high-speed diesel just before Eid ul Adha. The decision aims to alleviate the financial burden and boost industrial production amidst fluctuating international oil prices.

In a significant relief for inflation-affected citizens, the Pakistan government has announced a reduction in the prices of petrol and high-speed diesel (HSD). Just ahead of the Eid ul Adha festival, petrol prices have been slashed by Rs 10.20 per litre, bringing the new rate to Rs 258.16 per litre. HSD prices have also been reduced by Rs 2.33 per litre, now set at Rs 267.89 per litre.

The new prices, effective from Saturday, were confirmed by a statement from the Prime Minister's Office, as reported by The Express Tribune. The Finance Division, typically responsible for reviewing fuel prices every 15 days, issued an official notification confirming the changes. The notification indicated that the Oil and Gas Regulatory Authority (OGRA) calculated the consumer prices based on international market trends. This move is expected to benefit the citizens of Pakistan who are grappling with high inflation rates.

Since the country entered an International Monetary Fund (IMF) bailout program, Pakistan has experienced inflation rates exceeding 20% since May 2022. However, annual inflation slowed to 17.3% in April, the lowest in nearly two years, as reported by official data. The recent reduction in fuel prices follows a series of similar measures over the past one-and-a-half months due to falling global oil prices.

Additionally, Prime Minister Shehbaz Sharif announced a significant reduction in electricity tariffs for industries, aimed at boosting exports and industrial production. On Nepra's recommendation, the new electricity rate per unit for industrial and export sectors has been set at Rs 34.99.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)