Petrol-Diesel Price Cut: On the one hand, amidst the war between Iran and America, the blockade of Hormuz and tension in West Asia, the prices of petrol and diesel are increasing in all parts of the world including India. At the same time, the prices of petrol and diesel are continuously decreasing in India’s neighboring country Pakistan.

Government gave Eid gift

Shahbaz Sharif’s government in Pakistan has announced a huge cut in the price of petrol and high-speed diesel (HSD) on May 29. Here, giving relief to the people of the country on the occasion of Eid-al-Azha, the government has reduced the prices of petrol and diesel further than before and has called it ‘Eid gift’. Yesterday, the prices of both petrol and high-speed diesel in Pakistan were reduced by Rs 22 directly.

Price reduced for the third consecutive time

• First of all, on May 15, the prices of petrol and high-speed diesel were reduced by Rs 5 per liter.
• Then on May 22, under the weekly review, the prices of petrol were reduced by Rs 6 per liter and high-speed diesel by Rs 6.80 per liter.
• The biggest cut was made for the third time on May 29 on the occasion of Eid. The government reduced the prices of both by Rs 22.

Overall, petrol has become cheaper by Rs 33 per liter in Pakistan in the month of May. At the same time, the price of diesel has been reduced by a total of Rs 33.80.

Why were the rates reduced?

The people of Pakistan were troubled by inflation. In March and April, fuel prices here had crossed Rs 414 per liter for the first time. Due to this, freight transportation had become very expensive. People had come out on the streets. Protests started taking place everywhere. The government reduced prices to protect its government and to maintain domestic political stability. In this sequence, on the occasion of Eid, the government instructed the officials to provide relief to the public directly by reducing some part of the profits or taxes of the oil companies.

There is another reason for reducing the prices. These days Pakistan is following the rules of International Monetary Fund (IMF). IMF had set a condition of charging a fixed levy on per liter of oil. Now that the government is able to meet its target of tax collection for the current financial year, it is passing the benefit of the fall in crude oil prices in the international market to the consumers instead of keeping it for itself in the form of tax.

Also read:

LPG Crisis: If the blockade from Hormuz is lifted, will the gas shortage end in India? Will the cylinder be cheaper?