From Petrol Prices Downfall To US Dollar Decreased

petrol prices

Good news for all the Pakistanis out there, the US dollar rate decreases and petrol prices as well.

It’s a big recovery of almost 5.5% in a single day to a one-week high at Rs295 against the US dollar in the open market at around midday on Thursday.

photo file
Source: Express Tribune

Pakistani citizens have been living a hard life where petrol prices arose like a phoenix over the last few months, creating chaos.

Yesterday, Finance Minister Ishaq Dar announced that the petrol price was being reduced by Rs8 and high-speed diesel (HSD) by Rs5 per liter for the next fortnight.

Govt Will Offer Cheap Petrol Prices
Source: Autodeals

Let’s have a look at the complete detailed statements and how the Pakistani rupee leaped over the US dollar in midday.

From US Dollar Decreases To Petrol Prices Lowered

First. US Dollar has captured everyone’s attention ever since it got high in the open market against the Pakistani rupee.

No doubt US dollars have increased every item’s price, especially the important ones. Tech gadgets such as Graphic Cards, Drones, Cameras, etc.

US Dollar Rate in Pakistan: History & Market Situation | Zameen Blog
Source: Zameen

As per the Exchange Companies Association of Pakistan (ECAP), on Wednesday The currency had closed at Rs311 against the greenback.

Accordingly, the gap in the rupee-dollar exchange rate between interbank and open markets narrowed down to about Rs10 compared to around Rs27 a day ago.

Rupee gains more ground against dollar

For the past couple of weeks, the currency has stabilized around Rs285/$.

Ever since the dollar haven over the Pakistani rupee, Pakistan’s economic situation has gotten worse in various ways and it looked like the Pakistan economic crisis will become another Venezuela due to inflation.

Petrol Prices Downfall

On Wednesday, Finance Minister Ishaq Dar announced that the petrol price was being reduced by Rs 8 and high-speed diesel (HSD) by Rs5 per liter for the next fortnight.

The new prices of petrol and HSD are Rs262 and Rs253 per liter, respectively.

The price of light diesel oil (LDO) was also slashed by Rs5 per liter to Rs147.68 while the price for kerosene oil remained unchanged at Rs164.07.

Petroleum prices likely to decrease this month
Source: Express Tribune

In a video address, he said that there was no substantial change in the international prices of petroleum products in the last 15 days and neither had the rupee appreciated against the dollar.

“But the government tried to create as much room as possible to provide relief to the people,” the finance minister said.

He also requested transporters that. “use diesel to forward relief to the public in the form of lower fares so that every segment of the economy could benefit from the development.”

A few months ago, Petrol prices might go up to Rs 32.07 and it was a pure Azaab on Pakistani Awaam.

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