ISLAMABAD: The Pakistan Democratic Movement (PDM)-led federal government on Monday announced a reduction in the price of petrol by Rs 12 per liter following the drop in international oil prices.
Finance Minister and Revenue Senator Ishaq Dar said during a televised address that these rates will come into effect from 12 midnight tonight and will remain in place for the next fortnight.
The minister said the prices of petroleum products (POL) have been reduced by Rs 30 per litre, as the government “seeks to provide relief to the public during the fortnightly review”.
| Product | Existing prices w.e.f 1.05.2023 | New prices w.e.f 16.05.2023 | Decrease |
| Petrol | Rs282 | Rs272 | Rs12 |
| High-speed diesel | Rs288 | Rs258 | Rs30 |
| Kerosene | Rs176.07 | Rs164.07 | Rs12 |
| Light diesel oil | Rs164.68 | Rs152.68 | Rs12 |
The finance minister appealed to transporters to provide “fair” relief to the public in light of the reduction in prices as the rate of POL products affects a large number of other commodities.
The appeal comes as the cash-strapped country faces inflation, which is at an all-time high of 36.4 percent – the fastest in South Asia, even in default country Sri Lanka. is also leaving behind.
“In view of the downward trend in the prices of petroleum products in the international market, the government has decided to reduce the current prices of petroleum products to pass on the benefits and provide maximum relief to the public,” the Finance Division said. later said in a statement.
