The Pakistani government has announced a reduction in petrol prices by Rs5 per litre to provide relief to the already inflation-burdened people. The Minister for Finance and Revenue, Senator Ishaq Dar, revealed this news in a press conference, adding that the prices of diesel and light diesel oil would remain unchanged at Rs280 and Rs184.68 per litre, respectively, until the next review. Kerosene oil prices have been reduced by Rs15 per litre, bringing it down to Rs187.73 per litre. The new prices will be effective from midnight tonight and will continue till March 15.
The decline in global petrol and diesel prices has contributed to the decision, with the rupee’s appreciation against the dollar in the last two weeks being another factor. This drop in the average exchange rate by Rs8 has helped cut the import price of diesel and petrol. Despite market predictions, the announcement contradicts expectations that the federal government would increase the rates to appease the International Monetary Fund (IMF), whose loan is critical for the cash-strapped nation.
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