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.
| Product | Existing prices w.e.f 16.03.2023 | New prices w.e.f 1.04.2023 | Decrease |
| Petrol | 272 | 272 | Nil |
| High-speed diesel | 293 | 293 | Nil |
| Kerosene | 187.73 | 177.73 | -10 |
| Light diesel oil | 184.68 | 174.68 | -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.
PBS data shows that CPI-based inflation hit 36.4% in April 2023, while it increased 1.6% in May MoM
"Completion of all reviews before June 30 seems impossible and govt has decided against seeking an extension," sources...
Move was aimed to reduce the exchange rate gap between the official and kerb markets
"Example should be made so incidents like May 9 do not happen again," says Ishaq Dar
New price of petrol will be Rs262 per litre
Ecap general secretary terms it "welcome move", says will reduce open market rate
