Dollar, crude oil prices drop significantly but relief not given to consumers

ISLAMABAD: On Monday midnight, the government increased domestic petrol price by Rs6 per liter and made a mockery with consumers by reducing diesel price by 51 paisa.

In recent weeks, the dollar-rupee exchange rate has dropped to 212 rupees in the inter-bank and 210 rupees in the open market, from earlier record high rates of 245 and 250 rupees, respectively. Thus, in the inter-bank the exchange rate of dollar vs rupee has declined by 33 rupees while in the open market trading, dollar has lost 40 rupees value.

Similarly, the international crude oil prices of Brent and OPEC oil have fallen by more or less $25/barrel, but unfortunately, the government did not pass on to consumers the impact of this significant decline in the rates of dollar and crude oil prices.

From August 16, 2022, the following are the new domestic oil prices: Petrol Rs233.91 per liter, diesel Rs244.44, kerosene Rs199.40, and the price of light diesel oil will be Rs191.75 per liter.

Importantly, the people of Pakistan were anticipating 15 to 20 rupees per liter cut in the domestic petroleum prices, but the government ignored the popular decision.

The new prices are in place from August 16, 2022.