In a strange move the Incumbent government has claimed that not passing on the drop in global oil rates to the consumers in Pakistan was a Relief.
Amid declining prices in the international markets and stable Rupee-Dollar parity the government has decided to maintain oil rates in the country instead of reducing it.Instead the official statement has said that Prime Minister has decided to keep petroleum prices at their current levels while channeling the financial impact toward reducing electricity tariffs, signaling a major relief measure for the public.
As per the decision of the government the oil prices will remain the same up to the end of current month.The per litre price of petrol will remain at Rs255.63, high speed diesel Rs258.64, kerosene oil Rs168.13 and Light Diesel Oil at Rs153.34.On the other hand the working submitted to the petroleum division by the industry fee days back had showed a relief in price of petroleum products up to Rs14.16 per liter in line with reduction in global oil prices. The working by the industry showed that ex-depot prices of petrol could drop by Rs14.16 per liter and the same for diesel was projected to drop by Rs8.70 per liter.A cut of Rs10.33 per liter was calculated in the price of kerosene oil while Light diesel oil could have to dropper by Rs. 7.12 per liter.
The government is expected to announce the final economic relief package in coming weeks.
Meanwhile the statement by the PM office highlighted that the move was part of a broader strategy to ease the burden on consumers struggling with high utility costs. “We have decided to maintain fuel prices at the existing level and pass on the entire financial benefit to electricity tariffs,” the prime minister said.
The statement added that a formal announcement on the details of the relief package is expected soon.
The prime minister will personally address the nation to inform about the relief in prices given by the government.Mr Shahbaz Sharif also informed that a detailed plan to lower electricity prices is in the final stages, with officials working on a structured relief package. He emphasised that this initiative, coupled with other measures, would bring about a “meaningful reduction” in power tariffs.
The relief package will leverage financial flexibility created by fluctuations in global oil prices, along with other economic adjustments, to provide substantial relief to consumers.
Mr Sharif stressed that the reduction in electricity costs would have a ripple effect on inflation, potentially easing price pressures across the economy. “Lower power tariffs will not only benefit consumers directly but will also help in curbing overall inflation,” he stated.The PM also boasted that since taking office, the government has prioritised public relief, the prime minister said, reaffirming his commitment to providing further economic ease in the weeks ahead.
