In a move aimed at providing relief to the masses, the federal government has made an important decision regarding petrol prices for the upcoming fortnight nationwide.
Finance Minister Ishaq Dar took to the podium on Saturday to deliver the much-awaited news of a decrease in petroleum product prices. As per the revised prices shared by the minister, the cost of petrol will be reduced by Rs. 9 per liter, while the price of high-speed diesel will witness a decline of Rs. 7 per liter.
With the new rates, consumers can expect to pay Rs. 253 per liter for petrol and Rs. 253.50 per liter for high-speed diesel. These revised prices will be effective from the 16th to the 31st of July. However, the finance minister did not announce any changes in the prices of kerosene oil or light-diesel oil.
Explaining the rationale behind the reduction, Minister Dar highlighted the appreciation of the Pakistani Rupee against the US Dollar in recent weeks. This positive exchange rate trend has helped counterbalance the upward movement in oil prices, ultimately providing some compensation to the public.
Moreover, Minister Dar clarified that since the government had already incorporated a portion of the petroleum development levy (PDL) in the prices implemented on July 1, there would be no additional PDL passed on in the latest price notification.
The finance minister emphasized that this decision aligns with Prime Minister Shehbaz Sharif’s directive to prioritize providing relief to the people. It reflects the government’s commitment to addressing the economic concerns of the citizens.
While petrol and high-speed diesel users can rejoice at the lowered prices, consumers of kerosene oil and light-diesel oil will have to wait for any changes in their respective rates, as no adjustments were announced at this time.