The government is looking to take full advantage of the drop in international oil and fuel prices, by slashing retail prices in Pakistan as well. This decision goes hand-in-hand with the other initiatives by ruling Pakistan Tehreek-i-Insaf (PTI) in attempting to stabilise the economy by providing relief wherever possible. Tax breaks in the construction sector, the Ehsaas programme, providing incentives to small and medium enterprises and the general economic stimulus package will all be thoroughly supplemented by this significant reduction in prices.

Where other packages and efforts have been more targeted towards specific sections of the economy, a decrease in fuel prices stands to essentially incentivise businesses to resume their road operations.

Rs27.15 have been cut on the price of diesel, with petrol seeing a reduction of Rs15; this sort of drop boosts the domestic transportation sector directly, more than anyone else. If the movement of goods and services across the country is restored, the wheels of industry can start turning once more. With exporters currently finding it difficult to secure international orders, local trade is sorely needed to fill in the gaps where possible and improve overall business prospects within the country, at least.

There have not been many silver linings since the coronavirus pandemic started, but the global oil price crash is a small incidental bonus for developing countries that do not produce oil. The adjustment in price can reinvigorate economic prospects in industrial sectors that are currently facing monumental problems with procurement and shipment.

The government has essentially spread out relief measures over various sectors, but this move is a catch-all tactic that can be extended to whichever entrepreneurs choose to take advantage – provided they follow the government’s SOPs and regulations regarding the way of working.