Finance Minister Ishaq Dar announced a reduction in the price of petroleum products on Monday, providing much-needed respite to the people.
The price of petrol has been decreased by Rs. 12 per liter under the revised rates announced by the finance minister, while the cost of high-speed diesel has been dropped by Rs. 30 per liter. The new petrol price will be Rs. 270 per liter, while the high-speed diesel price will be Rs. 258 per liter.
Kerosene and light diesel oil costs have also been decreased by Rs. 12 per liter. The new kerosene price will be Rs. 164.07 per liter, while the new light diesel oil price would be Rs. 152.68 per liter. The revised rates for every product will go into effect on May 16.
It is worth noting that the government kept the price of petroleum constant at Rs. 282 per liter in the most recent fortnightly review of petroleum pricing. However, a minor reduction in the price of high-speed diesel was reported, with the price dropping by Rs. 5 per liter to Rs. 288.
According to the latest numbers issued by the Pakistan Bureau of Statistics (PSB), weekly inflation in the country is greater than 48 percent year on year. The previous year’s high petrol and diesel costs were a major contributor to the widespread inflation.
