Latest petrol price in Pakistan from October 16

ISLAMABAD: The federal government Saturday decided to maintain the prices of petroleum products at the current rate for the next fortnight with effect from October 16 (tomorrow).

The price of petrol remained unchanged at Rs224.80 per litre till October 31.

Meanwhile, the price of high-speed diesel stands at Rs235.30 per litre. The price of light diesel oil is Rs191.83.

Federal Minister for Finance and Revenue Ishaq Dar, who is currently in Washington to attend the annual meetings of the International Monetary Fund (IMF) and World Bank, announced the development via a video message.

“Ministry of Finance received a summary from OGRA which suggested a slight reduction in petrol price while an increase in the price of diesel, kerosene and light diesel oil,” he said.

However, despite that, the minister revealed that following a discussion with Prime Minister Shahbaz Sharif, the government the decision to keep the price unchanged has been taken.

“In the fortnightly review of petroleum products’ prices, the government has decided to maintain rates at the existing level in order to promote utmost relief to consumers and keep prices stable in the country,” the notification issued by the Finance Division read.

On September 30, Finance Minister Ishaq Dar slashed the price of petrol by Rs12.63 per litre, giving massive relief to the inflation-stricken people of Pakistan.

Dar, in his maiden press conference, had said that the decision to reduce the prices was taken after PM Shahbaz’s approval.

He decreased the price of high-speed diesel by Rs12.13, after which it stood at Rs235.30 per litre. The price of light diesel oil was set at Rs191.83 after a decrease of Rs10.19 per litre.

The finance minister’s decision raised several speculations regarding the ongoing International Monetary Fund (IMF) programme.

Former finance minister Miftah Ismail termed the government's decision to not increase the petroleum development levy (PDL) without the approval of the IMF "reckless".

However, Dar was confident that he would handle the Fund. “I have to handle the IMF matters, so from now on, neither Miftah nor anybody else has to worry about anything,” he added.