In this video, we discuss some potentially good news for the people of Pakistan who have been grappling with soaring fuel prices. It appears that from the night of October 15th, there might be a significant reduction in the prices of petroleum products in the country. If this happens, it will bring a moment of relief, especially when Pakistan plays India in the World Cup match on October 14th.
This video also delves into why the government should consider lowering fuel prices and to what extent. As you may know, Pakistan imports about 75% of its required petroleum products, making global oil prices directly affect the country. Additionally, a weak economy and a depreciating rupee have contributed to making locally produced oil more expensive. Currently, the government is imposing various taxes on petrol and diesel, almost 70 rupees per liter in different forms.
Reductions in petrol and diesel prices have a cascading effect on people from all walks of life and have a significant impact on inflation. The transportation component constitutes around 25% of the price of any commodity, meaning if an item costs 100 rupees, 25 rupees are due to transportation expenses. This connection makes fluctuations in petroleum product prices have a direct bearing on inflation.
As of now, inflation stands at nearly 30%, with the price of diesel, petrol, electricity, and gas being primary contributors. However, recently, there has been a noticeable decrease in global crude oil prices. On the world stage, petrol's price has fallen by 10 dollars to 104 dollars per barrel, and diesel has decreased by 8 dollars to 118 dollars per barrel in the last month. Additionally, in the past few months, the value of the rupee has appreciated by nearly 10% against the dollar.
All these factors have led to a decrease in production costs for local refineries. According to their latest calculations, petrol prices could be reduced by 36 rupees per liter, and diesel could be cheaper by 19 rupees per liter.
The current retail prices for petrol are approximately 206 rupees per liter after a 36-rupee reduction, and diesel is priced at 233 rupees after a 19-rupee decrease. The government has an opportunity to pass on these reductions to the people starting from October 16th.
If the government chooses not to act, it would lead to an unwarranted burden on the public. It's crucial that all political parties, civil societies, and the media put pressure on the government to lower fuel prices. The time is ripe to address people's growing concerns due to inflation. A reduction in petrol and diesel prices will offer much-needed relief.
Furthermore, we briefly touch upon the evolving situation in Israel and Palestine, which continues to deteriorate daily. It's crucial for the government to use the current opportunity to benefit from declining global oil prices while also giving the people a breather.
Stay tuned for more updates on these matters. Don't forget to like, share, and subscribe for the latest news and analysis."
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