On Wednesday, the federal government lowered the cost of petroleum products by as much as Rs 8 per litre.
Ishaq Dar, the finance minister, made the announcement during a televised speech. After an 8 rupee cut, the cost of petrol has been lowered to Rs262 per litre. Diesel will now cost Rs 253 per litre after being discounted by Rs 5.
At midnight tonight, the prices will go into effect and won’t change for a fortnight.
Dar claimed that overall price reductions of Rs20 and Rs35 per litre for petrol and diesel were made in May.
The announcement by the government comes as it is under increased pressure from rising petrol prices, which earlier this year had hit a record of Rs282 per litre, and inflation, which is currently the highest in the region.
| Product | Existing prices w.e.f 16.05.2023 | New prices w.e.f 01.06.2023 | Decrease |
| Petrol | Rs270 | Rs262 | Rs8 |
| High-speed diesel | Rs258 | Rs253 | Rs5 |
| Kerosene | Rs164.07 | Rs164.07 | Unchanged |
| Light diesel oil | Rs152.68 | Rs147.68 | Rs5 |
Although the recent drop in oil prices has brought some relief, the government is still having trouble keeping prices low as the value of the rupee drops.
According to estimates from oil marketing companies (OMCs), the cost of petrol and diesel will probably decrease by Rs5 per litre. Separate sources claimed that the government might maintain the current petroleum product prices in light of the rupee’s decline.
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