In an effort to provide much-needed relief to the public, and as speculated earlier, Finance Minister Ishaq Dar announced a significant reduction in fuel prices. Addressing the nation in a televised speech, the minister highlighted the government’s commitment to adjusting petrol prices in accordance with international market trends.
In the televised address, Dar said, “Hence, after 12pm tonight, for the next 15 days, petrol prices are being reduced by Rs. 12 and the new price of petrol will now be Rs. 270.”
New Fuel Prices
Effective from midnight, petrol prices will be slashed by Rs. 12 per liter, bringing the new rate down to Rs. 270. Similarly, diesel prices will witness a substantial decrease of Rs. 30, resulting in a revised cost of Rs. 258 per liter. Kerosene oil prices will be reduced by Rs. 12, now standing at Rs. 164.07, while light diesel oil will be available at Rs. 152.68 per liter after an Rs. 12 deduction.
Minister Dar emphasized the importance of ensuring that the benefits of these price reductions reach the public in various sectors. He urged transporters and other diesel-consuming industries to pass on the relief to the consumers through reduced fares, enabling all segments of the economy to benefit from this positive development.
It is worth noting that the government had maintained petrol prices at the same level since April 30, whereas high-speed diesel witnessed a decrease of Rs. 5 per liter during that period.
The recent decline in overall oil sales in Pakistan has been a cause for concern, with a 47% year-over-year drop recorded in April. From July to April of FY23, total sales have shrunk by 24% to 13.970 million tonnes. The decrease in sales has primarily been attributed to a significant decline in furnace oil and diesel sales.
As the government takes proactive measures to address the economic challenges, the reduction in fuel prices brings a ray of hope for consumers, providing some relief from the burden of high living costs.
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