Finance Minister Ishaq Dar on Thursday announced slashing prices of petroleum products by up to Rs10 per litre for the next fortnight.
Petrol and diesel will now be available at Rs214.80 and Rs227.82 per litre, respectively, after a reduction of Rs10 and Rs7.5 per litre.
Dar, in a video address, revealed that the decision has been taken in line with Prime Minister Shehbaz Sharif's desire to provide "maximum relief to the people".
He further announced that after a decline of Rs10 per litre the price of kerosene oil and light diesel oil has been further reduced to Rs171.83 and Rs169 per litre, respectively.
| Commodity | Existing prices w.e.f 01.12.2022 | New prices w.e.f 16.12.2022 | Increase/(-) Decrease (in rupees) |
| Petrol | Rs224.80 | Rs214.80 | -10.00 |
| Diesel | Rs235.30 | Rs227.80 | -7.50 |
| Kerosene oil | Rs181.83 | Rs171.83 | -10.00 |
| Light diesel oil | Rs179 | Rs169 | -10.00 |
It should be noted that on November 30, while the government kept the price of petrol and diesel unchanged it slashed the price of kerosene oil and light diesel oil by Rs10 per litre and Rs7.5 per litre, respectively.
The finance czar mentioned that since the start of the ongoing quarter (October- December) of the fiscal year 2022-23, the prices have cumulatively declined by:
The decline comes amid a drop in international oil prices. As of December 15, Brent crude futures were down 33 cents or 0.4% at $82.37 a barrel by 1453 GMT and US crude futures lost 43 cents or 0.6% to $76.85.
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