Ishaq Dar, the finance minister, declared on Saturday that the price of petrol and diesel had been reduced in the fortnightly review by Rs. 9 and Rs. 7, respectively.
Petroleum Products Prices:
July 16 to July 31, 2023:REDUCTIONS:
MS Petrol—with Rs 9 per litre reduction, new price Rs 253 per litre.
High Speed Diesel —with Rs 7 per litre reduction, new price Rs 253.50 per litre.
— Ishaq Dar (@MIshaqDar50) July 15, 2023
The finance minister stated in a televised speech on Saturday that during the previous 15 days, the price of one petroleum product increased while that of another decreased on the global market.
Petrol New Price
Following the price cut, petrol will be sold for Rs. 253 per litre, while HSD will cost Rs. 253.50 per litre.
Dar claimed that the Petroleum Development Levy (PDL), which was raised to Rs. 60 per lite at the request of the International Monetary Fund (IMF), had not been altered. As of July 16, the revised prices are in effect.
The local currency had increased in value relative to the US dollar in the previous 15 days, according to the finance minister, after Pakistan inked a staff-level agreement with the International Monetary Fund (IMF) on a $3 billion Stand-By Arrangement (SBA).
He claimed that Prime Minister Shehbaz Sharif had instructed the relevant agencies to provide the greatest amount of relief to the people.
The news agency earlier reported, citing the oil industry, that while domestic currency has strengthened against the dollar following the IMF’s approval of a $3 billion loan and release of the first tranche of $1.2 billion, consumers could benefit from a decrease in gasoline prices.
The ex-depot price of gasoline is expected to decrease to Rs. 251.92 per litre for the upcoming fortnight, a reduction of Rs10.08 from the current price of Rs. 262 per litre, according to the oil industry’s workings.
HSD’s ex-depot pricing, which was previously Rs. 260.50 per litre, is now indicting a Rs. 3.66 increase to Rs. 264.16 per litre.
In comparison to the current price of Rs. 154.22 per litre, the cost of light-speed diesel has increased by Rs. 1.43 per litre to Rs. 155.65 per litre.
Similar to this, the ex-depot price of kerosene is also increasing, going from the current Rs. 171.05 per litre to Rs. 171.78 per litre, an increase of Rs. 0.73.
The ex-depot price of gasoline has decreased thanks to the exchange rate, while the increase in the ex-depot price of diesel has been kept at a manageable level.
Petrol is subject to a government tax of Rs. 55 per litre, which was increased by Rs. 5 per litre in the most recent price review.
The government is now charging Rs. 50 per litre PL for HSD, although the IMF’s requirements call for it to be increased to Rs. 60 per litre.
However, the government might raise the PL by Rs. 5 per litre rather than Rs. 10.
To read our blog on “Petrol price to remain consistent till June 30th, Govt. says,” click here.