A modicum of relief
PM has said he would take whatever steps were required for lowering the prices of commodities
The latest slash in petrol prices was widely expected. The government
announced the Rs5 per litre relief for petroleum consumers for the month of March on Saturday after the international crude oil prices witnessed a downward trend due to slump in demand. The Brent also fell by $0.86 per barrel and was trading at $50.50 per barrel after coronavirus deaths and cases increased across the globe. The new prices in Pakistan took effect on Sunday, March 1.
Although quite modest, the rate cut will certainly provide a modicum of relief to consumers, harried as they are by rising inflation and dismal livelihood prospects. A notification issued by the finance ministry stated that the prices of petrol and high speed diesel (HSD) were reduced by Rs5 per litre, while kerosene oil and light diesel oil (LDO) have been cut down by Rs7 per litre.
Petrol will now be sold at RsRs111.60 per litre against Rs116.60, while HSD will be available at Rs122.26 against the earlier price of Rs127.26 per litre. The rate of kerosene oil has been reduced to Rs92.45 from Rs99.45 per litre registering a reduction of Rs7 per litre, while the light diesel oil (LDO) witnessed a decline of Rs7 per litre from Rs84.51 to Rs77.51 per litre.
As reported in this paper, Prime Minister Imran Khan did not adhere to the advice of the finance ministry and issued the orders for lowering the prices of petroleum products. It is reported that the finance ministry and IMF wanted the government to raise the prices of petrol, gas and electricity. Premier Imran, however, said he would take whatever steps were required for lowering the prices of commodities and would end inflation in the country. If that is the resolve, it needs all-round applause.
Published in The Express Tribune, March 2nd, 2020.
announced the Rs5 per litre relief for petroleum consumers for the month of March on Saturday after the international crude oil prices witnessed a downward trend due to slump in demand. The Brent also fell by $0.86 per barrel and was trading at $50.50 per barrel after coronavirus deaths and cases increased across the globe. The new prices in Pakistan took effect on Sunday, March 1.
Although quite modest, the rate cut will certainly provide a modicum of relief to consumers, harried as they are by rising inflation and dismal livelihood prospects. A notification issued by the finance ministry stated that the prices of petrol and high speed diesel (HSD) were reduced by Rs5 per litre, while kerosene oil and light diesel oil (LDO) have been cut down by Rs7 per litre.
Petrol will now be sold at RsRs111.60 per litre against Rs116.60, while HSD will be available at Rs122.26 against the earlier price of Rs127.26 per litre. The rate of kerosene oil has been reduced to Rs92.45 from Rs99.45 per litre registering a reduction of Rs7 per litre, while the light diesel oil (LDO) witnessed a decline of Rs7 per litre from Rs84.51 to Rs77.51 per litre.
As reported in this paper, Prime Minister Imran Khan did not adhere to the advice of the finance ministry and issued the orders for lowering the prices of petroleum products. It is reported that the finance ministry and IMF wanted the government to raise the prices of petrol, gas and electricity. Premier Imran, however, said he would take whatever steps were required for lowering the prices of commodities and would end inflation in the country. If that is the resolve, it needs all-round applause.
Published in The Express Tribune, March 2nd, 2020.