Ishaq Dar, the finance minister, declared on Monday that for the upcoming two weeks, the price of petrol would be reduced by Rs. 12 and the price of diesel by Rs. 30 per litre.
In a speech that was broadcast on television, he claimed that “Prime Minister Shehbaz Sharif and his government try to provide maximum relief to the public on the basis of prices in the international market.”
“Hence, after 12 a.m. on Tuesday, 16th May, for the next 15 days, gasoline prices are being reduced by Rs. 12 and the new price of petrol will now be Rs. 270,” Ishaq Dar said.
Petroleum Products Prices
from 16 May to 31 May’23:Reductions per litre:
High Speed Diesel—Rs 30
Petrol—Rs 12
Kerosene Oil—Rs 12
Light Diesel Oil—Rs 12New Prices per litre:
Petrol—Rs 270
HighSpeed Diesel—Rs 258
KeroseneOil—Rs 164.07
Light Diesel Oil—Rs 152.68AlhamdoLilah!
— Ishaq Dar (@MIshaqDar50) May 15, 2023
New Petrol and Diesel Prices
According to the minister, diesel will now cost Rs. 258 after a Rs. 30 discount. After being decreased by Rs. 12, kerosene oil will now cost Rs. 164.07, and the cost of light diesel oil would drop by Rs. 12 to Rs152.68 per litre.
In order for every sector of the economy to gain from the growth, Dar also asked transporters and other departments that utilize diesel to pass along the alleviation to the general population in the form of lower rates.
On 30 April, the government left the price of petrol untouched while slashing the cost of high-speed diesel by Rs. 5 per litre.
Overall oil sales in Pakistan fell 47% year over year last month to 1.171 million tons, while total sales fell 24% to 13.970 million tons from July to April of FY23.
Analysts had linked the decline in revenues to a sharp decline in the sales of diesel and furnace oil.
To read our blog on “Petrol can be Rs. 100 per litre low after Russian Oil Import,” click here.
