Petrol-Diesel: Petrol became cheaper by Rs 6; Diesel prices have also come down, know which government has given relief

• Steady rise in Petrol-Diesel prices in India
• A very opposite decision by India’s neighboring country
• A bold decision by the government here

Petrol-Diesel Rate : The prices of petrol and diesel in India have been increasing steadily. This upward trend in prices started on May 15. Fuel prices have been hiked thrice in a span of just 10 days. People are getting more stressed in this situation. But while this is the situation in India, India’s neighboring country has taken a very opposite decision in this situation. There, the government has reduced the prices of both petrol and diesel. But why “text-align: justify;”> Rupee vs US Dollar : RBI’s luck shines in trying to save the rupee, Rs 50000 crore has come into the treasury after selling 53 billion dollars

A bold decision by the government here

On 23 May, the Shehbaz Sharif government in Pakistan announced a reduction in the price of petrol by 6 Pakistani rupees per liter and the price of ‘high-speed diesel’ (HSD) by 6.80 rupees per litre. Due to this decision of the government, the public has got a big relief.

Why were the prices reduced?

According to reports by Pakistan Petroleum Department and Dawn News, the government has reduced fuel prices by adjusting the base price. The government has taken this step in response to recent fluctuations in the international crude oil market and changes in ‘Inland Freight Equalization Margin’ rates. The government’s aim is to ensure that the benefit of the marginal drop in crude oil prices seen last week is passed on directly to the masses.

A weekly review has been implemented in Pakistan. Under this mechanism, fuel prices are fixed every Friday night based on the prevailing conditions in the global oil market. As international crude oil prices fell marginally last week, domestic prices of petrol and diesel have been reduced as per established norms.

IMF condition fulfilled

Pakistan is currently operating under the terms and conditions laid down by the International Monetary Fund (IMF) in respect of loans. One of the terms of the IMF was that the Pakistan government should levy a petroleum tax on petrol and diesel at an average rate of Rs 80 per litre. As the government has successfully met its target of tax collection last week, the government has now decided to pass on this benefit to the public in the wake of a fall in global crude oil prices.

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