close
Friday July 19, 2024

Govt keeps petrol price unchanged in Pakistan for next fortnight

Govt reduces price of kerosene and light diesel oil

By Business Desk
March 31, 2023
A view of motorists standing in a queue for filling petrol outside a petrol pump in Rawalpindi on January 1, 2023. — Online
A view of motorists standing in a queue for filling petrol outside a petrol pump in Rawalpindi on January 1, 2023. — Online

ISLAMABAD: The federal government Friday decided to maintain a status quo in the prices of petrol and diesel for the next fortnight.

"...we got the recommendation of increasing the price of petrol and diesel from the regulatory authorities," the finance minister — who took charge in September last year — said during a televised address.

But FinMin Dar said his ministry has decided to keep the price of the two most used petroleum products stable after consultations with Prime Minister Shehbaz Sharif. 

As the government saw some "room" to provide relief to the masses, it has decided to reduce the prices of kerosene oil and light diesel oil by Rs10 per litre, to Rs177.73 per litre and Rs174.68 per litre, respectively.

ProductExisting prices w.e.f
16.03.2023
New prices
w.e.f
1.04.2023
Decrease
Petrol272272Nil
High-speed diesel293293Nil
Kerosene187.73177.73-10
Light diesel oil184.68174.68-10

The prices will come into effect at midnight and remain effective till April 15.

The decision comes as the masses are suffering from historic inflation, which stands at 31.55%, a nearly 50-year high, making it difficult for people to make ends meet.

The price of petroleum products stands at record-high levels as Pakistan meets its oil needs through imports, and the rupee has been hitting new lows against the dollar, resulting in higher fuel prices.