Finance Minister Ishaq Dar declared on Monday that the cost of petrol and diesel would be lowered by Rs12 and Rs30, respectively.
In a televised speech, he revealed that premier and his administration aim to offer the relief to the general public based on international market prices.
“Prime Minister Shehbaz Sharif sahib and his government try to provide maximum relief to the public on the basis of prices in the international market. Hence, after 12pm tonight, for the next 15 days, petrol prices are being reduced by Rs12 and the new price of petrol will now be Rs270,” Dar said.
The new cost of petrol would be Rs270 while diesel would be priced at Rs258 for the next 15 days. Kerosene oil’s price would decrease by Rs12, now costing Rs164.07, and the cost of light diesel oil would be reduced to Rs152.69 per litre, down by Rs12.
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
The finance minister also requested transporters and other departments using diesel to forward the relief to the public by charging lowered fares.
It may be mentioned that overall oil sales plunged 47 per cent year-over-year (YoY) to 1.171 MT, while the total sales shrank by 24pc to 13.970 MT in the July-April period of FY23.
“In view of the declining price trend of petroleum products in the international market, Government has decided to reduce the existing prices of petroleum products in order to pass on the benefits […] and provide maximum relief to the masses,” the Finance Division said in a statement later.
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