Petrol-Diesel Rate on May 23: Meanwhile, the prices of petrol and diesel keep increasing in India. This series of rate increases started from May 15th. There is an atmosphere of chaos due to the thrice increase in fuel prices within just 10 days. However, the situation is opposite in India’s neighboring country Pakistan. Here the government has reduced the prices of both petrol and diesel.

Shahbaz Sharif’s government in Pakistan has announced a reduction in the prices of petrol by 6 Pakistani rupees per liter and high-speed diesel (HSD) by 6.80 rupees per liter today on May 23. This has brought relief to the people here to a great extent.

Why were the prices reduced?

According to the report of Pakistan Petroleum Division and Dawn News, due to the recent fluctuations in the prices of crude oil in the international market and changes in the Inland Freight Equalization Margin (IFEM) rates, the government there has reduced the prices by adjusting the base price. Here the government wants that the benefit of the slight decline in crude oil prices last week should directly reach the people here.

Weekly Review system has been implemented in Pakistan. Under this, every Friday night the prices are decided according to the global oil market. Since the international crude oil rates have come down a bit last week, petrol and diesel have also been made cheaper here as per the rules.

IMF’s condition fulfilled

Pakistan is currently running on the terms and conditions of the loan taken from the International Monetary Fund (IMF). One of the conditions of IMF was that the government of Pakistan should collect petroleum tax on petrol and diesel at an average of Rs 80 per liter. Since the government had already completed its tax collection target last week, now when the prices of crude oil fell slightly in the global market, the government decided to pass on its benefits to the public.

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Amidst the Iran-America tension and fluctuating crude oil prices, the Pakistan government has reduced the prices of petrol and diesel, giving relief to its people. On Friday, Pakistan government reduced the price of petrol by Rs 6 per liter and the price of high speed diesel i.e. HSD by Rs 6.80 per liter. According to the new prices, petrol in Pakistan has now become Rs 403.78 per liter and high speed diesel has become Rs 402.78 per liter. These new rates have been implemented from May 23.

This is the second consecutive week that fuel prices have been reduced in Pakistan. Earlier last week also, the prices of petrol and diesel were reduced by Rs 5 per liter. Petrol is mostly used in private vehicles, bikes, rickshaws and small vehicles, hence reducing its price provides relief to the common people, especially the middle class. Whereas high speed diesel is used in trucks, buses and big generators. In such a situation, transport expenses may also be affected due to diesel being cheaper.

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There was also a record increase earlier

Although at present the prices are decreasing in Pakistan, but earlier a huge increase in the prices of petrol and diesel was also seen there. After the start of the US-Israel conflict over Iran, on March 6, the Pakistan government had increased the prices of petrol and diesel by up to Rs 55 per liter. After this, on April 2, it was announced to increase the price of petrol by 43 percent and the price of diesel by 55 percent.

Review happening every Friday

The Pakistan government has been reviewing the prices of petrol and diesel every Friday since the tension began in February. For this reason, continuous fluctuations are being seen in the price of fuel there. On the other hand, the effect of crude oil prices is visible in India also. Although the increase here has not been as big as in Pakistan, the prices of petrol and diesel have been increased thrice in the last few days. Even on Saturday, petrol became costlier by 87 paise per liter and diesel by 91 paise per litre. Apart from this, the price of CNG has also been increased by Re 1. Due to continuously rising prices, the pressure of inflation is increasing on the common people.

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