Finance Minister and Revenue Senator Ishaq Dar announced on Thursday that the price of petrol has been reduced by Rs 10 per liter with effect from December 16.
In a video address, the finance minister said the price cut was in line with Prime Minister Shehbaz Sharif’s desire to provide “maximum” relief to the people.
As a result of the revised rates of petroleum products, diesel will now be available at Rs 214 80 paise after a reduction of Rs 7 5 paise. The price of kerosene and light diesel oil has also been reduced by Rs 171.83 and Rs 169 respectively.
| Commodity | Existing prices w.e.f 1.12.2022 | New prices w.e.f 16.12.2022 | Increase/Decrease (in rupees) |
| Petrol | Rs224.80 | Rs214.80 | -10.00 |
| Diesel | Rs235.30 | Rs227.80 | -7.50 |
| Kerosene oil | Rs181.83 | Rs171.83 | -10.00 |
| Light diesel oil | Rs179 | Rs169 | -10.00 |
It should be noted that on November 30, the government had reduced the prices of kerosene oil and light diesel oil by Rs. 10 and the price of light diesel by Rs. 7 and 5 paise per liter, while keeping the prices of petrol and diesel unchanged.
The finance czar noted that since the start of the current quarter (October-December) of the financial year 2022-23, prices have declined overall:
- 22.63 per liter in petrol price
- 19.63 per liter in the price of high speed diesel
- 28.28 per liter in the price of light diesel oil
- 30.19 per liter in kerosene price
The decline comes amid a drop in oil prices internationally. By Dec. 15, Brent crude futures were down 33 cents, or 0.4 percent, at $82.37 a barrel by 1453 GMT and U.S. crude futures were down 43 cents, or 0.6 percent, at $76.85.
