ISLAMABAD – Due to fluctuations in international market decrease petrol, the federal government may reduce the price of Petroleum by as much as Rs20 per liter during the first weeks of April.
According to reports in the local media, a proposal has been prepared to cut the price of high-speed diesel by Rs4.30 and the price of petrol by Rs20. This is in response to the fact that people in the nation, which is currently in the midst of a crisis, are experiencing back-breaking inflation with little or no increase in income.
A plan to lower the price of light-speed diesel and kerosene by Rs. 10 and Rs. 13 per litre, respectively, was reportedly under consideration.
Following a decrease in the prices of petroleum products on the global market, the government will announce new products; The London Brent oil price has recently fallen by up to 6.50%.
In the meantime, as the IMF monitors the Pakistani government’s every move, the ministry will make a final decision about petroleum prices after consulting with Prime Minister Shehbaz Sharif.
IMF rejects Pakistan’s request for a fuel subsidy The US-based lender has continued to criticize the current Pakistani government and has now rejected a preliminary request for a petroleum subsidy. The IMF requested a comprehensive government plan for the petroleum subsidy.
Islamabad has been in touch with the IMF to get the much-needed funds for the bailout that were cut off last year.