The government announced on Friday a significant reduction in petrol and high-speed diesel (HSD) prices for the upcoming fortnight, providing relief to consumers grappling with inflation.
Effective from June 15, petrol prices will decrease by Rs10.20 per litre, bringing the new price to Rs258.16 per litre. HSD will see a reduction of Rs2.33 per litre, with the new rate set at Rs267.89 per litre, according to a statement issued by the Prime Minister’s Office.
Kerosene oil will remain priced at Rs171.61 per litre, and light diesel oil (LDO) will stay at Rs157.32 per litre in the open market.
Petrol is primarily used for cars and motorcycles, while HSD powers heavy vehicles such as trucks and buses, as well as industrial machinery.
However, the federal government burdened the inflation hit citizens with Rs 5.72 per unit hike in power tariff.
As per the details, the National Electric Power Regulatory Authority (NEPRA) announced that the average electricity tariff will rise to Rs. 35.50 per unit from the current Rs. 29.78.
The federal government will make the final decision on whether this increase will be implemented all at once or gradually.
Previously, the basic electricity tariff was increased to Rs 7.50 per unit in the current financial year, up from Rs 7.91 per unit in the last fiscal year.
However the surge in the power tariff will be implemented from July 1.
Earlier in the day, Prime Minister Shehbaz Sharif announced a significant reduction in electricity tariffs for the industrial sector, cutting rates by Rs10.69 per unit. This move aims to boost exports and industrial production.
Due to the prime minister’s efforts, the new electricity price per unit for the industrial and export sector is set at Rs34.99. The National Electric Power Regulatory Authority (NEPRA) recommended this reduction for industries.
The PM’s package is expected to provide over Rs200 billion in relief to industries, enhancing their competitiveness in the global market.
The package aims to align the country’s manufacturing costs with international markets, reducing production costs for industrial and agricultural commodities. This is anticipated to lead to an increase in exports.
The tariff cut is also expected to accelerate industrial growth, create new job opportunities, and stimulate economic activity. It may be mentioned that NEPRA had proposed a reduction of Rs10.69 per unit in electricity prices for industries.
Prime Minister Shehbaz’s special package is set to alleviate over Rs200 billion worth of burden from industries.
Sources indicate that this relief aims to make the cost of goods competitive in the global market. It is also expected to reduce the production costs of industrial and agricultural products, leading to a significant increase in exports.
Experts believe that the prime minister’s announcement will accelerate industrial development and rapidly increase employment. The faster pace of industrial activity and the rise in exports will benefit the national economy.