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Thursday May 30, 2024

Petrol price cut by Rs8, diesel by Rs11 per litre

The finance ministry stated the decision was made as the rupee gained value and oil prices dropped globally

By News Desk
October 01, 2023
Employees at a fuel station attend to their customers in Islamabad, Pakistan, on February 16, 2022. — AFP/File
Employees at a fuel station attend to their customers in Islamabad, Pakistan, on February 16, 2022. — AFP/File

ISLAMABAD: The caretaker government has announced a cut in the price of petroleum products for a fortnight, Geo News reported on Saturday.

The government notified Rs8 per litre decrease in petrol price, while the diesel price went down by Rs11 per litre. The revised rate of petrol is Rs323.38 per litre and diesel 318.18 per litre.

The finance ministry stated the decision was made as the rupee gained value and oil prices dropped globally. “In the wake of variations in international prices of petroleum products and improvement in the exchange rate, the Government of Pakistan decided to revise the consumer prices of petroleum products.”

Last week, Federal Commerce and Industries Minister Gohar Ejaz hinted at a decrease in oil prices, stressing depreciation of the US dollar would bring relief to the nation in the shape of a reduction of POL [petrol, oil, lubricants] prices. “The [local] currency is now stabilising and… I am hopeful that you will receive good news regarding petrol price on [October] 1,” he said, adding that he was also hopeful about energy prices coming down.