On Saturday, Finance Minister Ishaq Dar announced that petrol and diesel prices have been reduced by Rs 9 and Rs 7 per liter respectively.
Petroleum Products Prices:
— Ishaq Dar (@MIshaqDar50) July 15, 2023
July 16 to July 31, 2023:
REDUCTIONS:
MS Petrol—with Rs 9 per litre reduction, new price Rs 253 per litre.
High Speed Diesel —with Rs 7 per litre reduction, new price Rs 253.50 per litre.
In a televised address on Saturday, the Finance Minister said that during the last 15 days, the international market has seen an increase in the prices of one petroleum product while the price of another has decreased.
After the reduction, petrol will be priced at Rs 253 per liter while HSD will be priced at Rs 253.50 per litre.
Dar said there was no change in the Petroleum Development Levy (PDL) which was reduced to Rs 60 per liter on the demand of the International Monetary Fund (IMF).
The new prices will be applicable from July 16 (Sunday).
The finance minister said that after Pakistan signed a $3 billion Standby Arrangement (SBA) staff-level agreement with the International Monetary Fund (IMF) in the last 15 days, the local currency has depreciated against the US dollar. The value of the currency increased.
He said that Prime Minister Shahbaz Sharif has directed the concerned authorities to provide maximum relief to the people.
Earlier, JEE News, citing the oil industry, reported that international prices of petroleum products have increased in recent days, but since the IMF sanctioned a loan of $3 billion and $1.2 billion. The local currency has appreciated against the dollar since the first tranche was issued, so consumers can benefit from this. Decrease in the price of gasoline.
According to Oil Industry Work, the ex-depot price of petrol for the next fortnight is falling to Rs 251.92 per liter – down by Rs 10.08 from the current price of Rs 262 per litre.
Meanwhile, the ex-depot price of HSD is indicating an increase of Rs 3.66 to Rs 264.16 per liter as against its current price of Rs 260.50 per litre.
The price of light speed diesel has increased by Rs 1.43 per liter to Rs 155.65 per liter as against the current price of Rs 154.22 per litre.
Similarly, the ex-depot price of kerosene is also reaching Rs 171.78 per liter with an increase of Rs 0.73 per liter as compared to the current Rs 171.05.
The exchange rate has helped bring down the ex-depot price of petrol, while keeping the increase in the ex-depot price of diesel low.
The government is levying a petroleum levy of Rs 55 per liter on petrol, which was increased by Rs 5 per liter in the last price review.
The government is charging Rs 50 per liter PL on HSD, while under IMF conditions it is required to be Rs 60 per litre.
However, instead of increasing the PL by Rs 10, the government can increase it by Rs 5 per litre.
