The federal government on Wednesday reduced the prices of petroleum products by Rs 8 per litre.
This decision was announced by Finance Minister Ishaq Dar in a televised address. Petrol price dropped by Rs 8 to Rs 262 per litre. Meanwhile, the new price of diesel will be Rs 253 per liter after a reduction of Rs 5.
The prices will be effective from 12 midnight tonight and will remain unchanged for the next fortnight.
Dar said that overall petrol and diesel prices were reduced by Rs 20 and Rs 35 per liter respectively in May.
| Product | Existing prices w.e.f 16.05.2023 | New prices w.e.f 01.06.2023 | Decrease |
| Petrol | Rs270 | Rs262 | Rs8 |
| High-speed diesel | Rs258 | Rs253 | Rs5 |
| Kerosene | Rs164.07 | Rs164.07 | Unchanged |
| Light diesel oil | Rs152.68 | Rs147.68 | Rs5 |
The government’s announcement comes as it faces mounting pressure from rising petrol prices – which touched a record high of Rs 282 per liter earlier this year – and inflation, which is currently It is the highest in the region.
There has been some relief from the recent drop in global oil prices, but the government is still facing difficulties in keeping prices low due to the devaluation of the rupee.
Oil Marketing Companies (OMCs) had estimated that diesel and petrol prices are likely to drop by Rs 5 per litre. Separately, sources also said that the government may maintain the prices of petroleum products due to the devaluation of the rupee.
