Petrol-Diesel Price: In the last 15 days, oil prices have created a stir across South Asia. At some places the prices have increased rapidly and at some places the governments have also made cuts to provide relief to the people. While petrol and diesel have become increasingly expensive in India, the situation has been slightly different in Pakistan and some other countries. Tension in the Middle East and rising prices of crude oil have affected not only India but all the neighboring countries. The only difference is that every country has taken a different decision according to its economy. From here you can know the condition of your country and neighboring countries.

What changed in India?

In the last 15 days, the prices of petrol and diesel have seen an increase of about Rs 7 to 8 per liter in India. According to media reports, prices have been increased 4 times in just 10 to 12 days, due to which the budget of common people has been spoiled. Petrol has crossed Rs 100 to Rs 110 in many cities and diesel is also becoming increasingly expensive. Prices of transport and everyday items have also increased.

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relief in pakistan

The situation in Pakistan has been quite volatile. Some time ago, there was a big jump of Rs 50+ (a huge increase in PKR) in petrol and diesel, due to which the prices reached around PKR 320 per liter. But later the government also gave some relief in view of international pressure and domestic inflation. There was a sharp increase in the beginning and then a slight reduction later. However, prices still remain at high levels.

Prices are high in Bangladesh

There has been no major change in oil prices in Bangladesh in the last 15 days, but the prices are already at a high level. Subsidy on fuel is limited in this country, hence prices remain stable yet expensive for the general public.

increase in nepal

Oil prices in Nepal are affected due to higher import dependence compared to India. A slight increase was recorded in the last 15 days. Transport and everyday costs were affected. The government is trying to control prices.

reforms in sri lanka

The oil market in Sri Lanka, which has recently gone through an economic crisis, is now gradually stabilizing. There was not much change in prices. After IMF support, efforts are being made to control prices, but prices are still higher than normal.

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There is no burden in China

Oil prices in China are under the control of the government, so major fluctuations are rarely seen there. Slight change has been seen in the last 15 days. The government maintains stability through subsidies and control. There is no sudden burden on the general public.

India vs neighbor, know what is the difference?

If we look carefully, the recent growth in India has been the fastest. The reasons behind this are rising crude oil prices, weakness of rupee, tax structure and cost adjustment of oil companies. At the same time, countries like Pakistan and Sri Lanka sometimes give relief and sometimes make sudden increases, because their economies are more unstable. The trend of the last 15 days clearly shows that oil prices in South Asia have become completely dependent on the global market. While in India the continuous growth has affected the pockets of the common man, in other countries there is relief at some places and instability at other places.

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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