Monday, June 17, 2024

Government reduces petrol, diesel prices by nearly Rs2 per litre

In a statement released on Sunday, the federal government has reduced petrol and high-speed diesel (HSD) prices by up to Rs1.79 per litre effective from November 16, the finance ministry announced.

The state has lowered petrol and diesel prices by Rs1.73 and Rs1.79 per litre, respectively. Petrol prices have been reduced from Rs102.40 per litre to 100.67, while HSD has been reduced from Rs103.22 per litre to Rs101.43.

However, the prices of kerosene oil and light diesel oil have not improved in any way. At Rs65.29 per litre and Rs62.86per litre, kerosene oil and light diesel oil will be available, respectively.

HSD is commonly used in the fields of agriculture and transport. The price drop will have a beneficial effect on these two industries.

HSD price drops typically affect transport fares, but this time around, due to monopolistic practices, there is little hope that the carriers can bring some relief to the masses.

A drop in the price of diesel will be a boost for the agricultural sector as the sowing season has started.

Petrol is used in motor vehicles. In October, the industry had estimated petrol demand at 760,818 million metric tonnes. Its actual sales, however, stood at 609,875 million metric tonnes, experiencing a 19.8 percent fall.

As the province has no indigenous natural gas supply and CNG retail outlets are using imported RLNG, the demand for petrol, which is an alternative fuel for gas, has increased in Punjab.

The winter season has approached and thus, there will be a shortage of gas for customers. In other provinces, CNG stations may also face the problem of a gas shortage that will raise fuel demand.

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