Despite the statement of Mr Musadiq Malik, Petroleum Minister about the reduction in petrol prices, the petrol prices are reduced. Govt has announced new petrol and diesel prices for the next 15 days. Mr Ishaq Dar, Finance Minister of Pakistan announced the price reduction yesterday.
Petrol is one of the most used fuels in Pakistan. The major contribution of petrol is imported and Pakistan hardly produces a limited quantity by local drilling. The major petrol consumption comes from motorcycles. Almost 70% of petrol is consumed by 2.5 Karor motorcycles on the roads. Govt plans to launch a green vehicle policy and convert fuel-powered motorcycle users to electric motorcycle users. The current fuel prices in Pakistan are as follows:
The impact of fuel prices should also be monitored and channeled toward the end consumers. There is no point in having a price cut if the inflation balloon is not going to deflate. Also, motorcycle manufacturers should be focusing on developing more fuel-efficient motorcycles.