The federal government has announced a significant reduction in the prices of petrol and diesel across the country. The announcement was made by Finance Minister Ishaq Dar on Saturday, marking a bright spot in the economic landscape.
The revised prices reveal a substantial decrease of Rs. 9 per liter for petrol and Rs. 7 per liter for diesel. This means that consumers will now pay Rs. 253 per liter for petrol and Rs. 253.50 per liter for high-speed diesel. These new prices will be effective from July 16 to July 31, 2023. However, it’s worth noting that no changes have been announced for the prices of kerosene oil or light-diesel oil.
| PRODUCT | OLD PRICE (PKR) | NEW PRICE (PKR) | CHANGE (PKR) |
|---|---|---|---|
| Petrol | 262.00 | 253.00 | -9.00 |
| High Speed Diesel (HSD) | 260.50 | 253.50 | -7.00 |
| Kerosene Oil | 164.07 | 164.07 | -0.00 |
| Light Diesel Oil (LDO) | 147.68 | 147.68 | -0.00 |
The reason behind this price drop, as explained by Minister Dar, is the recent appreciation of the Pakistani Rupee against the US Dollar. Despite the rising oil prices in the international market, the strengthened value of the rupee has managed to offset the impact, thereby enabling the government to reduce domestic petroleum prices.
Minister Dar also clarified that since a portion of the petroleum development levy (PDL) had already been included in the prices implemented on July 1, there would be no additional portion passed on in this latest price notification.
This decision aligns with Prime Minister Shehbaz Sharif’s directive to prioritize providing relief to the people. It’s a testament to the government’s commitment to easing the financial burden on its citizens, even amidst challenging global economic conditions. As we move forward, it remains to be seen how these changes will impact the overall economy and the daily lives of the Pakistani people.
