In a big relief for consumers, Pakistan has reduced petrol prices by Rs 15.39 per liter.
KARACHI: Pakistan government on Wednesday reduced petrol price by Rs 15.39 per liter for next 15 days. The measure is expected to bring significant relief to the country’s consumers, who have suffered from inflation over the past two years.
Pakistan typically adjusts oil prices on a fortnightly basis, taking into account fluctuations in international energy markets and the rupee-dollar exchange rate. With this price cut, the price of petrol has been reduced from Rs 288.49 to Rs 273.10 per liter.
The price of high-speed diesel has also been revised downward by Rs 7.88 per liter to Rs 274.08 from Rs 281.96, according to an official notification by the finance department released on Wednesday night.
“In the past two weeks, the prices of petroleum products in the international market have been on a downward trend,” the finance department said in a press release.
“The Oil and Gas Regulatory Authority (OGRA) has calculated the consumer prices based on price movements in the international market. Accordingly, the prices of Motor Spirit and HSD for the next two weeks starting May 16, 2024 will be lowered.”
Pakistan reduced the price of petrol by 5.45 rupees per liter on May 1 in response to the decline in petroleum product prices in the global energy market.
The South Asian country sharply increased fuel prices last year after securing a $3 billion short-term loan from the International Monetary Fund (IMF).
Although the government began to provide relief to its citizens by gradually lowering oil prices, the rise in interest rates also led to a spiral of domestic inflation.
Pakistan is already in talks with the International Monetary Fund (IMF) to secure a larger loan in terms of size and duration.
