The governments of Pakistan on Saturday reduce the prices of petrol and diesel by Rs 5/liters for the month of March 2020. His new prices will start from 1 march on all over Pakistan. According to the Ministry of Finance, petrol and diesel prices have been deducted by Rs 5 per litre, and now new prices of petrol are 111.60Rs per litre and for diesel Rs122.26 per litre respectively. The government is taking some steps in order to increase the production of a country.
Meanwhile, the prices of Kerosene oil have also been reduced by Rs 7 per litre. The kerosene oil prices have been reduced from Rs99.45 per litre to Rs92.45 per litre. Also, the rate of Light Speed Diesel Oil has reduced by Rs 7 per litre. It has been reduced from Rs84.51 per litre to Rs77.51 per litre. All t these prices will start coming into action from March 1st.
According to sources, Prime Minister of Pakistan Imran Khan did not follow the advice of IMF and finance minister and strictly ordered to reduce the prices of petrol and diesel throughout the whole Pakistan. It is stated that the Finance Minister and IMF advice the Imran Khan to increase the prices of petrol, diesel, and electricity. But Imran Khan did not adhere to the advice and started taking important measurements to lower the prices to increase the country’s production.
The government is reducing these prices because the prices of oil started falling in the international market last week with the Dubai Crude Oil rate starts decreasing. The prices of Dubai Crude Oil start decreasing from $62 per barrel on Jan 31 to $50 per barrel on Friday. It is recorded that it’s been reduced to 19.35%.
Diesel and Petrol are the most used petroleum fuel within the average consumption of 700,000 and 600,000 tonnes per month, respectively. The sales of Kerosene oil and Light Diesel Oil are mostly less than 10,000 tonnes, respectively. Petrol and Diesel are the main sources of revenue of the government because of a large number of trucks and cars, as well as companies that are using Diesel in order to run heavy machinery.
The prices of Oil and dropped to the lower because of hundreds of Coronavirus cases have been reported in the whole of Europe and the Middle east. Due to this virus, the stock market of the whole world is suffering. Because of this, the oil prices dropping below $50 to its lowest prices since January 2k19. Due to this coronavirus, the stock market of China is not only affected, but it starts to affect the whole World.
Due to the spread of this virus throughout the whole world like Asa, Europe, Amera, and oil-producing countries in the Middle East also reported hundreds of new coronavirus cases. Due to this, most workers stop going to factories for working and even some countries start giving holidays to most of their workers to reduce this virus.