— High-speed diesel price unchanged, kerosene oil comes down to Rs187.73
ISLAMABAD: Finance Minister Ishaq Dar on Tuesday announced a cut in the price of petrol by Rs5 per litre to pass on a decline in global prices to inflation-hit consumers.
In a video message, the finance minister said the new price of petrol will be now Rs267 per litre from the previous cost of Rs272.
He added that the price of high-speed diesel would remain unchanged at Rs280 per litre.
“Kerosene oil’s current price of Rs202.73 is being reduced to Rs187.73, a decline of Rs15. Light-diesel, which is at Rs196.68, is being brought down to Rs184.68 after a reduction of Rs12,” the minister said.
He said the prices would apply from Tuesday midnight.
Petroleum Products Prices:
March 1 to 15 , 2023:High Speed Diesel- with No change Rs 280 per litre
MS Petrol —with Rs 5 reduction,Rs 267 per litre
Kerosene Oil – with Rs 15 reduction, Rs 187.73 per litre
Light Diesel Oil -with Rs 12 reduction, Rs 184.68 per litre
— Ishaq Dar (@MIshaqDar50) February 28, 2023
The drop in petrol price comes as a relief to consumers, but the government’s decision to keep diesel prices unchanged is likely to disappoint the country’s oil industry, which was expecting a reduction of over Rs20 a litre as the price of diesel has gone down in the international market.
Responding to the news, Pakistan Muslim League-Nawaz (PML-N) leader Maryam Nawaz tweeted: “Thank you, Dar Sahib! Good news for people.”
الحمدُ للّٰہ 🙏🏼 شکریہ ڈار صاحب! عوام کے لیے اچھی خبر۔ https://t.co/IpiKHtzRQx
— Maryam Nawaz Sharif (@MaryamNSharif) February 28, 2023
The government is in a race against time to implement tax measures and reach an agreement with the International Monetary Fund (IMF) as the country’s reserves have depleted to around $3 billion, which experts believe is enough for only 16 or 17 days of imports.
The agreement with the IMF on the completion of the ninth review of a $7bn loan programme would not only lead to a disbursement of $1.2 billion but also unlock inflows from friendly countries.
Prime Minister Shehbaz Sharif last week had also announced a slew of austerity measures, which he claimed would save the country Rs200 billion annually. Pakistan is in dire need of funds as it battles a worsening economic crisis.
