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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