ISLAMABAD: Pakistan’s Finance Minister Ishaq Dar announced a significant reduction in petrol and diesel prices for the next 14 days. In a televised address, he revealed that the price of petrol would be cut by 8 rupees per litre, while diesel prices would see a reduction of 5 rupees per litre.
Under the revised prices, petrol will now cost 262 rupees per litre, while high-speed diesel will be priced at 253 rupees per litre. The price of light diesel oil has also been slashed by 5 rupees per litre, bringing it down to 147.68 rupees per litre. However, there will be no change in the price of kerosene oil.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar will make an important announcement regarding petroleum products' prices tonight at 2305 hrs-PST.
— Ministry of Finance, Government of Pakistan (@Financegovpk) May 31, 2023
Finance Minister Ishaq Dar explained that the decision to lower prices was made considering various factors, as there had been no substantial change in petroleum product prices over the past 15 days, and the rupee had not appreciated against the dollar.
Reduction in Petrol and Diesel Prices to Alleviate Burden on Consumers
Dar emphasized the government’s commitment to creating room for relief and passing it on to the people. The reduction in petrol and diesel prices aims to alleviate the burden on consumers and provide some respite from rising fuel costs.
In May alone, the government has reduced petrol prices by a cumulative total of 20 rupees per litre and diesel prices by 35 rupees per litre.
The revised prices will come into effect at midnight tonight and will remain unchanged for the next two weeks. The government’s decision comes as it faces mounting pressure due to high petrol prices and inflation, which is currently the highest in the region. While declining global oil prices have offered some relief, the depreciation of the rupee poses challenges in maintaining stable prices.
