It seems that the federal government is all set to provide relief to the masses within the span of two weeks. The media reports suggested that the government would reduce the petrol price in Pakistan by Rs. 10/liter tomorrow, May 31, 2023. This would be a relief before the fiscal budget 2023-2024, to be presented on June 9.
The petrol price is expected to come down after a reduction in the ex-refinery costs. As per industry officials, the ex-refinery price of petrol shows a decline of Rs. 10-12 for the next fortnight. However, the exchange rate adjustment will permit the government to only pass the relief up to Rs. 10/liter.
Meanwhile, the ex-refinery price of diesel is showing a decrease of Rs. 4-5/liter for the next review. “The government may pass this impact to the masses in next fortnight’s review,” the experts believe.
Current Petrol Price in Pakistan
On May 15, 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 per international market trends.
Effective that very day, petrol prices were slashed by Rs. 12/liter, bringing the rate down to Rs. 270. Similarly, diesel prices substantially decreased by Rs. 30, resulting in a revised cost of Rs. 258/liter. Kerosene oil prices were reduced by Rs. 12, now at Rs. 164.07, while light diesel oil is 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.
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