The reduction in the prices of petroleum products (POL) is effective from June 1.

Due to the recent fall in the prices of petroleum products in the global market, the prices have fallen in Pakistan too.

The government has announced several reductions in the prices of petroleum products in recent months.

On April 30, the price of petrol was reduced by Rs5.45 per liter and diesel by Rs8.42 per litre.

The fall in prices has a direct impact on the public. Low fuel prices reduce transportation costs, which benefit businesses and the general public. Low transportation costs can also reduce the prices of daily necessities, helping to curb inflation.

On April 16, the government increased the price of petrol by Rs 4.53 per liter and the high speed diesel by Rs8.14 per litre. After that, the government announced continuous price cuts to provide relief to the public.

The government’s strategy is to give the people the benefit of world market prices. Under this strategy, price reduction will continue. The government had announced that the new rates will be announced on May 31, after which the new rates will be effective from June 1.

According to economists, a reduction in the prices of petroleum products boosts the economy. Low prices lead to increased industrial production and reduced business costs, improving the overall economic condition of the country.