Home Pakistan Govt slashes petrol, diesel rates | The Express Tribune

Govt slashes petrol, diesel rates | The Express Tribune

Govt slashes petrol, diesel rates | The Express Tribune


The federal government on Saturday announced a reduction in the prices of petroleum products, giving consumers some relief owing to decline in international oil prices.

The announcement was made by Finance Minister Ishaq Dar during a press conference. The new petroleum product prices will come into effect at midnight.

Dar said that the price of petrol has been reduced by Rs9 per litre, while the rate of high-speed diesel (HSD) has been slashed by Rs7 per litre.

After the reduction, the price of petrol has come down to Rs253 per litre while HSD will now be available at Rs253.50 per litre.

Also read POL demand hits 17-year low as prices soar

During the last 15 days in the international oil market, Dar said that there has been an increase in the price of one item and decrease in another. However, due to the appreciation of the Pakistani rupee against the dollar, the government has managed to pass on the relief to the consumers.

He said that the government has decided not to increase the petroleum development levy as yet, despite a deal with the International Monetary Fund (IMF).

Dar further said that Prime Minister Shehbaz Sharif wanted to pass as much relief to the masses as possible.

The finance minister, however, did not clarify whether there were any changes in kerosene and light-diesel oil prices.

On July 1, the government had announced that petroleum prices would be maintained at their existing rate for the coming fortnight, while the price of diesel was raised by Rs7.5 to a rate of Rs260.5 per litre on the recommendation of the Oil and Gas Regulatory Authority (OGRA).


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