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Govt slashes petroleum products’ prices by up to Rs30 per litre

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  • Petrol price decreased by Rs12 per litre.
  • Diesel price reduced to Rs258 per litre.
  • Reduction comes after oil price fell in int’l market. 

ISLAMABAD: The Pakistan Democratic Movement (PDM)-led federal government Monday announced decreasing the price of petrol by Rs12 per litre to Rs270 per litre after a fall in the international oil rate.

The rates will come into effect at 12am tonight and remain in place for the next fortnight, Minister for Finance and Revenue Senator Ishaq Dar said during a televised address.

The rates of petroleum products (POL) have been slashed by up to RS30 per litre, as the government “tries to give relief to the masses during every fortnightly review”, the minister said.

ProductExisting prices w.e.f
1.05.2023
New prices
w.e.f
16.05.2023
Decrease
PetrolRs282Rs272Rs12
High-speed dieselRs288Rs258Rs30
KeroseneRs176.07Rs164.07Rs12
Light diesel oilRs164.68Rs152.68Rs12

The finance minister appealed to the transporters to provide “fair” relief to the masses in light of the price reduction as the POL products rate affects a host of other commodities.

The appeal came as the cash-strapped nation faces runaway inflation, which remains at a historic high of 36.4% — the fastest in South Asia, even leaving behind the defaulted nation of Sri Lanka.

“In view of the declining price trend of petroleum products in the international market, Government has decided to reduce the existing prices of petroleum products in order to pass on the benefits […] and provide maximum relief to the masses,” the Finance Division said in a statement later.

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With its second-largest surge ever, PSX approaches 114,000 points.

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Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

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In interbank trade, the Pakistani rupee beats the US dollar.

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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