On Saturday night, the caretaker government announced a significant reduction in the prices of petrol and high-speed diesel. The price of petrol will now be lowered by Rs8 per litre, while high-speed diesel will see a reduction of Rs11 per litre for the next two weeks.
This decision comes in response to changes in the international prices of petroleum products and an improved exchange rate. The Ministry of Finance issued a notification confirming these adjustments.
As per the new rates, petrol will be priced at Rs323.38 per litre, and high-speed diesel will be Rs318.18 per litre. These revised prices will be in effect for the next two weeks, starting from October 1.
Ministry of Finance
According to a statement from the Ministry of Finance, the decision to lower the prices of petroleum products was made due to two main factors. Firstly, the Pakistani rupee strengthened in value, and secondly, the global prices of petroleum and oil (POL) decreased.
The government of Pakistan decided to revise the prices of petroleum products in response to these fluctuations in international prices and the positive change in the exchange rate.
In addition to reducing the price of petrol and high-speed diesel, the government also decreased the rate of kerosene oil by Rs7.53 per litre, bringing it down to 237.28, and light diesel oil by Rs7.77 per litre, making it 212.45.
The last time we saw a decrease in the prices of these commodities was in mid-July when petrol was reduced by Rs9 per litre, bringing it to Rs253, and diesel was lowered by Rs7 to Rs253.50.