Govt reduces petrol price by Rs9, cuts high-speed diesel by Rs7

Islamabad: Finance Minister Ishaq Dar revealed on Saturday a significant reduction in the prices of petrol and high-speed diesel (HSD) for the upcoming two weeks.

The price of petrol was decreased by Rs9 per litre, resulting in a new rate of Rs253 per litre. Similarly, the price of HSD was cut down by Rs7 per litre, bringing it down to Rs253.5 per litre.

However, no changes were made in the prices of kerosene oil or light diesel oil.

Ishaq Dar explained that in the international markets, there had been fluctuations in the prices of different fuel products over the past 15 days.

However, he did not specify which products were affected. He noted that the appreciation in the value of the rupee had helped compensate for the price increases of those products.

Dar also emphasized that a portion of the petroleum development levy (PDL) had already been passed on to the public in the fuel prices announced on July 1. Consequently, the government has decided not to increase the levy this time, in line with Prime Minister Shehbaz Sharif's directive to provide maximum relief to the people.

Petroleum Products Prices:
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.

— Ishaq Dar (@MIshaqDar50) July 15, 2023

Previously, on July 1, the government had raised the price of HSD by Rs7.5 per litre to Rs260.5, while maintaining the petrol price at Rs262 per litre. The decision to increase the HSD price was made considering the upward trend in international petroleum product prices.

The minister acknowledged the efforts of the Oil and Gas Regulatory Authority (OGRA) in minimizing the impact of price hikes on the general public.

The reduction in petrol and diesel prices is expected to bring relief to consumers and alleviate the financial burden of transportation and daily commutes.