Petrol Prices Reduced by Rs. 12 and Diesel by Rs. 30 per Liter by Govt

Providing a welcome respite to the public, Finance Minister Ishaq Dar made an announcement on Monday regarding a reduction in the prices of petroleum products.

According to the revised prices disclosed by the finance minister, the cost of petrol has been decreased by Rs. 12 per liter, and the price of high-speed diesel has been slashed by Rs. 30 per liter. Consequently, the new price of petrol will be Rs. 270 per liter, while the price of high-speed diesel will be Rs. 258 per liter.

Petroleum Products Prices
from 16 May to 31 May’23:

Reductions per litre:
High Speed Diesel—Rs 30
Petrol—Rs 12
Kerosene Oil—Rs 12
Light Diesel Oil—Rs 12

New Prices per litre:
Petrol—Rs 270
HighSpeed Diesel—Rs 258
KeroseneOil—Rs 164.07
Light Diesel Oil—Rs 152.68

AlhamdoLilah!
— Ishaq Dar (@MIshaqDar50) May 15, 2023

A reduction of Rs. 12 per liter has also been implemented for both kerosene and light diesel oil. As a result, the new price of kerosene will be Rs. 164.07 per liter, while the new price of light diesel oil will be Rs. 152.68 per liter. These revised prices for all products will come into effect from May 16.

It is worth noting that during the previous fortnightly review of petroleum prices, the government maintained the price of petrol at Rs. 282 per liter. However, a marginal reduction was announced for high-speed diesel, resulting in its price decreasing by Rs. 5 per liter to Rs. 288.

According to the latest data released by the Pakistan Bureau of Statistics (PSB), the weekly inflation in the country stands at over 48 percent on a year-on-year basis. The significant price increases in both petrol and diesel over the past year have played a significant role in driving the prevailing inflationary pressures.