ISLAMABAD: In a move that will provide significant relief to the public, the government is poised to announce a major reduction in the prices of petroleum products for the next fortnight. According to official sources, an initial working paper has been prepared, outlining a substantial decrease in fuel costs.
The proposed reductions indicate a broad-based price cut across all major petroleum products. Sources reveal that the highest decrease is expected for Petrol, with a proposed reduction of Rs. 6.50 per liter. The price of High-Speed Diesel (HSD), crucial for the transport and agricultural sectors, is proposed to be slashed by Rs. 4.28 per liter. Furthermore, the prices of Kerosene oil and Light Diesel Oil (LDO) are also likely to become cheaper by Rs. 7.73 and Rs. 6.35 per liter, respectively.
This anticipated price relief is attributed to a downward trend in the global oil market. The final calculation and working paper, which will incorporate the latest international prices and tax adjustments, are scheduled to be sent to the federal government for approval on November 30. Following the review by the Finance Division, the new prices will require the final approval of Prime Minister Shehbaz Sharif.
Once ratified, the new, lower prices are expected to take effect from December 1st, and will remain in force for the next fifteen days. This decision is set to have a positive ripple effect, potentially lowering the cost of transportation and goods, thereby easing the inflationary pressure on millions of citizens and businesses across the country. The formal announcement is awaited following the Prime Minister’s final consent.
Meanwhile in separate move the Coca-Cola Foundation has awarded USD 500,000 to the United Nations Office for Project Services (UNOPS) to launch a pilot project aimed at improving plastic waste collection and supporting workers in Pakistan’s PET recycling chain.
The project, titled “Sustainability & Decent Work in Pakistan’s PET Recycling Value Chain,” will run in the Islamabad Capital Territory, which produces more than 3,300 tons of municipal solid waste each day. An estimated 79 percent of that waste is recyclable.
