— High-speed diesel price reduced by Rs5 per litre
— New prices of petrol, HSD are Rs262; Rs253 per litre
ISLAMABAD: Finance Minister Ishaq Dar announced on Wednesday that the price of petrol was being reduced by Rs8 while high-speed diesel (HSD) by Rs5 per litre for the next fortnight.
The new prices of petrol and HSD are Rs262 and Rs253 per litre, respectively.
The price of light diesel oil (LDO) was also slashed by Rs5 per litre to Rs147.68 while the price for kerosene oil remained unchanged at Rs164.07.
In a video address, the minister said that there was no substantial change in the international prices of petroleum products in the last 15 days and neither had the rupee appreciated against the dollar.
“But we tried, considering all the factors, that whatever room can be created [for relief] should be done and passed on to the people,” the finance minister said.
The cuts come on the heels of a previous round of price reductions in the prices of petrol, HSD and LDO.
| 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 |
The government’s announcement comes as it faces increased pressure due to rising petrol prices — which had reached a record of Rs282 per litre earlier this year — and inflation, which is currently the highest in the region.
The recent decline in global oil prices has provided some relief, but the government is still facing difficulty in keeping prices down as the rupee depreciates.
Oil marketing companies (OMCs) had estimated that the prices of diesel and petrol are likely to drop by Rs5 per litre. Separately, sources also said that the government might keep the prices of petroleum products unchanged due to the rupee’s depreciation.
