Govt Reduced Petrol Prices by Rs. 18!!!

And in an expected good news, the government has reduced the petrol prices to provide “relief to the people”. As per a notification, the price of petrol has been reduced by Rs. 18.50, while the diesel rate went down by Rs. 40.54.

Furthermore, the kerosene oil price is scratched by Rs. 33.81, and the light diesel oil (LDO) rate is decreased by Rs. 34.71.

New Petrol Prices 

After the latest reduction, petrol now costs Rs. 230.24 as compared to the old price of Rs. 248.74. Meanwhile, the new Diesel rate is Rs. 236 instead of  Rs. 276.54.

And the new rate of Kerosene Oil is Rs. 196.45 against Rs. 230.26. Light Diesel Oil now costs Rs. 191.44 compared to the previous rate of Rs. 226.15.

Statement by Govt

Earlier today, Finance Minister Miftah Ismail said that the people of Pakistan will be provided relief with the reduction of petroleum prices as there has been a decrease in global prices. “After reaching an agreement with International Monetary Fund (IMF), every decision of the government will pave way for ease in lives of the people,” he said.

Meanwhile, Prime Minister Shehbaz Sharif’s Head of Strategic Reforms, Salman Sufi, had said that the government is going to reduce petrol prices. In a tweet, Sufi said: “PM Shehbaz Sharif has directed to reduce petroleum prices in the country.” Sufi added that the prime minister has directed the concerned ministry to direct full benefit of reduced worldwide oil prices as is to the people.”

He further said that the price reduction will not impact ongoing IMF program. “It is strictly due to the petroleum prices reduction in International market. As the prices fall further internationally, prices shall reflect that in Pakistan,” he tweeted.

This is the first price reduction by the government since it came into power in April 2022. The coalition government has increased the prices four times in last couple of months, taking the petrol price from Rs. 150 to Rs. 250.

What do you think about this price reduction? Do you think it would help in reducing the inflation? Share your thoughts in the comments section.