Petrol price reduced a day after historic hike

ISLAMABAD: The government has announced a fresh adjustment in the petrol price, setting it at Rs378 per litre, with the revised rate coming into effect from midnight, ARY News reported.

Prime Minister of Pakistan, Shehbaz Sharif, while addressing the nation, confirmed that the petrol price reduction will remain in place for one month as part of a short-term relief measure aimed at easing pressure on the public.

In addition to the fuel adjustment, the Prime Minister also announced strict austerity steps, stating that the salaries and privileges of cabinet members will remain suspended for the next six months.

The decision comes as part of broader efforts to manage financial pressures and demonstrate fiscal discipline.

Petrol Price and Inflation

The announcement of the petrol price change is expected to have a direct impact on transport costs and overall inflation, with authorities monitoring the situation closely over the coming weeks.

A day earlier, the government announced a massive increase in petrol price and diesel rates, a move likely to trigger a fresh wave of inflation across the country.

Minister of State for Finance Ali Pervaiz Malik, flanked by Federal Finance Minister Muhammad Aurangzeb, made the announcement during a press conference.

According to the officials, the petrol price had been increased by Rs138 per litre, taking the new rate to Rs458.40 per litre. Meanwhile, diesel price was raised by Rs184 per litre, reaching Rs520.35 per litre.

The sharp hike in fuel prices was expected to significantly impact transportation costs and essential commodities, raising concerns over further inflationary pressure on the public.

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