In a welcome move for the masses, the Pakistani government has announced a substantial reduction in petrol price. The latest news revealed that petrol will now cost Rs. 283.38/liter after a Rs. 40/liter decrease. High-speed diesel (HSD) is not far behind, witnessing a cut of Rs. 15/liter, bringing its new price to Rs. 303.18/liter.

According to the Finance Division, the decision was taken after the rupee strengthened against the US dollar. “In the wake of variations in international prices of petroleum products and the improvement in the exchange rate, the Government of Pakistan has decided to revise the consumer prices of petroleum products,” the ministry had said last month.

Recent Trends in Petrol Price

This surge follows a substantial relief delivered on October 1st, with fuel prices falling down by Rs. 8/liter.  Just like our prediction, this fortnight’s rate has also delivered good news for the citizens!

This is a consecutive second drop in petrol price which is more than welcome after the previous months’ brutal hikes. Those hikes had hoisted petrol prices to historic highs, painting a challenging picture for citizens’ daily budgets.

The government’s reasons for previous petrol price hikes have varied, from aligning with International Monetary Fund (IMF) programs to reacting to the unpredictable oil market. The recent spike, however, is pinned on the wrestling match between the exchange rate and the resilient Pakistani rupee against the formidable US dollar.

Feel any better with this new relief? Share your thoughts in the comments below!