ISLAMABAD: Following a drop in the international oil price, the federal government of Pakistan Democratic Movement (PDM) announced on Monday that the price of petrol would be reduced by Rs12 per litre to Rs270 per litre.
The rates will go into effect at 12 a.m. tonight and will be in effect for the next two weeks, according to Senator Ishaq Dar, Minister of Finance and Revenue.
Petroleum product (POL) rates have been reduced by up to RS30 per litre as the government “tries to give relief to the masses during every fortnightly review,” according to the minister.
| Product | Existing prices w.e.f 1.05.2023 |
New prices w.e.f 16.05.2023 |
Decrease |
| Petrol | Rs282 | Rs272 | Rs12 |
| High-speed diesel | Rs288 | Rs258 | Rs30 |
| Kerosene | Rs176.07 | Rs164.07 | Rs12 |
| Light diesel oil | Rs164.68 | Rs152.68 | Rs12 |
The finance minister urged transporters to provide “fair” relief to the public in light of the price decrease, noting that the POL products rate affects a variety of other commodities.
The appeal comes as the cash-strapped country struggles with runaway inflation, which remains at a historic high of 36.4% — the fastest in South Asia, even outpacing the defaulted nation of Sri Lanka.
“In view of the declining price trend of petroleum products in the international market, the Government has decided to reduce the existing prices of petroleum products in order to pass on the benefits […] and provide maximum relief to the masses,” the Finance Division said later.
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