On Friday, the caretaker administration reduced the cost of petrol by Rs. 14 per litre and high-speed diesel (HSD) by Rs. 13.5 per litre for the ensuing two weeks.
Moreover, the Ministry of Finance has announced that the new price of petrol is Rs. 267.34 and for HSD, it is Rs. 276.21.
However, Kerosene and light-diesel oil prices decreased to Rs. 191.02 and Rs. 164.64 per litre, respectively, by Rs. 10.14 and Rs. 11.29.
Govt. Slashes Rs. 14 Per Liter in Petrol and Rs. 13.50 Per Liter in HSD Prices
According to informed officials, a drop in the worldwide market is the primary reason why major petroleum products prices are expected to drop by more than Rs. 10 per litre starting on December 15 and continue to do so for the next two weeks.
They said that during the previous two weeks, there had been an almost 5% drop in the worldwide prices of petrol and HSD.
Consumers saw a fair decrease in local prices as a result of the rupee’s little increase vs the US currency.
Rupee Vs Dollar
According to the State Bank, the dollar fell against the local currency on Thursday and finally ended at Rs. 283.51.
Dealers reported that despite importers’ difficulties in having their letters of credit opened, the market remained at ease.
The State Bank of Pakistan reported in a different press release that for the week that concluded on December 8, its foreign exchange reserves rose by $21 million to $7.04 billion.
However, to keep its reserves over the $7 billion line, the central bank has been purchasing dollars on the interbank market.
Though significant debt payment reduces reserves, the International Monetary Fund (IMF) has insisted on raising reserves.
IMF Demands
Furthermore, the government has already raised the petroleum duty to Rs. 60 per litre, the highest amount allowed by law.
It is now hopeful that the collection will surpass Rs. 950 billion by the end of June, having established a budget objective with the IMF to collect Rs. 869 billion as petroleum levies (PL) for FY24.
Even though its per-litre fuel pricing had climbed gradually throughout the period and remained relatively stable, the overall petroleum revenue for the first quarter ended in September exceeded Rs. 222 billion.
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