In order to share the benefits of falling petrol prices on the global market, Prime Minister (PM) Shehbaz Sharif on Thursday announced a decrease in the price of petroleum products.
The coalition administration took over from Pakistan Tehreek-e-Insaf with a shaky economy, the premier said in the opening of his speech. He said that the previous administration set landmines for us by violating the deal it had with the International Monetary Fund.
The price of petrol has been reduced by Rs 18.50 per litre and that of high-speed diesel by Rs 40.54 per litre as a result of the government’s decision to pass on relief to the people since prices are currently falling on the global market, according to the prime minister.
High-speed diesel will now cost Rs. 236 per litre, while the price of gasoline will now be Rs. 230.24 per litre. In addition, the cost of kerosene oil has been reduced by Rs. 33.81, while the cost of light diesel oil has fallen by Rs. 34.71. From midnight, the revised pricing will be in effect.
| Product | Existing Prices w.e.f 01-07-2022 | New Prices w.e.f 15-07-2022 | Decrease |
| MS (Petrol) | 248.74 | 230.24 | 18.50 |
| High-Speed Diesel (HSD) | 276.54 | 236.00 | 40.54 |
| Kerosene (SKO) | 230.26 | 196.45 | 33.81 |
| Light Diesel Oil | 226.15 | 191.44 | 34.71 |
It is important to note that Prime Minister Shehbaz Sharif requested a summary from the finance and petroleum ministries on Tuesday, advocating a decrease in the price of petroleum products.
On Thursday, Brent crude dropped to $95.67 a barrel. Since peaking at $139 in March, which was almost the all-time high in 2008, the price of Brent crude has fallen precipitously in recent weeks.
To read our blog on “Petrol pumps will close starting July 18,’ click here
