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Price of Petrol Drops by Rs. 12/L

Finance Minister Ishaq Dar recently announced a significant reduction in fuel prices, aiming to provide relief to the public. During a televised speech, the minister emphasized the government’s commitment to aligning petrol prices with international market trends. The new prices, effective from midnight, will see petrol prices reduced by Rs. 12 per liter, bringing the rate down to Rs. 270. Diesel prices will also experience a notable decrease of Rs. 30, resulting in a revised cost of Rs. 258 per liter. Additionally, kerosene oil prices will be reduced by Rs. 12 to Rs. 164.07 per liter, and light diesel oil will be priced at Rs. 152.68 per liter after a deduction of Rs. 12.

Minister Dar stressed the importance of ensuring that these price reductions benefit various sectors of the economy. He urged transporters and other industries relying on diesel consumption to pass on the relief to consumers by reducing fares. This approach aims to allow all segments of the economy to benefit from the positive development.

It’s worth mentioning that petrol prices remained unchanged since April 30, while high-speed diesel witnessed a decrease of Rs. 5 per liter during that period.

New prices

Fuel TypeOld PriceNew PriceDifference

High-Speed Diesel (HSD) 

PKR 288.00PKR 270.00-30

Light Diesel Oil (LDO)

PKR 174.68
PKR 174.68
0.00

Petrol

PKR 282.00PKR 270.00-12.0

Kerosene Oil

PKR 180.29PKR 186.070.00
Fuel TypeOld PriceNew PriceDifference

High-Speed Diesel (HSD) 

PKR 288.00PKR 258.00-30

Light Diesel Oil (LDO)

PKR 174.68
PKR 174.68
0.00

Petrol

PKR 282.00PKR 270.00-12

Kerosene Oil

PKR 180.29PKR 186.070.00

Summary

In recent months, Pakistan has experienced a concerning decline in overall oil sales, with April witnessing a substantial 47% year-over-year drop. From July to April of FY23, the total sales have contracted by 24%, amounting to 13.970 million tonnes. This decline can be largely attributed to a significant decrease in sales of furnace oil and diesel.

As the government proactively tackles the economic challenges at hand, the decision to reduce fuel prices brings a ray of hope for the general public. By alleviating some of the burden associated with high living costs, this move aims to provide relief to consumers across various sectors.

The reduction in petrol prices not only benefits individual consumers but also has the potential to positively impact industries such as transportation, manufacturing, and agriculture, which heavily rely on fuel. It is hoped that this relief will be passed on to consumers through reduced fares and prices in these sectors.

The government’s focus on addressing economic concerns and implementing measures to support the public demonstrates a commitment to improving the overall economic landscape. By monitoring international market trends and adjusting petrol prices accordingly, the government aims to strike a balance that benefits both consumers and the economy as a whole.

We would love to hear your thoughts on the recent reduction in petrol prices and its potential impact on various sectors. Feel free to share your insights and opinions in the comments below!