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Finance Minister Ishaq Dar on Thursday announced slashing prices of petroleum products by up to Rs10 per litre for the next fortnight.

Petrol and diesel will now be available at Rs214.80 and Rs227.82 per litre, respectively, after a reduction of Rs10 and Rs7.5 per litre.

Dar,in a video address, revealed that the decision has been taken in line with Prime Minister Shehbaz Sharif’s desire to provide “maximum relief to the people”.

He further announced that after a decline of Rs10 per litre the price of kerosene oil and light diesel oil has been further reduced to Rs171.83 and Rs169 per litre, respectively.

 

Petrol Prices in Pakistan From 16 December 2022

PRODUCT OLD PRICE (PKR) NEW PRICE (PKR) CHANGE (PKR)
Petrol 224.80 214.80 -10.00
High Speed Diesel (HSD) 235.30 227.80 -7.50
Kerosene Oil 181.83 171.83 -10.00
Light Diesel Oil (LDO) 179.00 169.00 -10.00

The Latest Diesel and Petrol Prices in Pakistan will remain unchanged from 16 December 2022 for the second half of the month and next fortnight till 31 December 2022.

Earlier, it was reported that Petrol Prices in Pakistan may be reduced by Rs. 15 to 30 per litre since Brent crude rates had witnessed a dip in the international market as it remained around $76 per barrel. However, Pakistan has to collect Rs. 50 per litre Petroleum Levy (PL) on both Petrol and High-Speed Diesel (HSD) as per the agreement with the International Monetary Fund (IMF).

This leaves the Government very little margin for relief as it is currently charging Rs. 50 per litre PL on Petrol and only Rs. 25 per litre PL on Diesel, which needs to be doubled to meet IMF demand. In order to keep its end of the deal, Pakistan must jack up Price of Diesel to collect the additional revenue.

It should be noted that on November 30, while the government kept the price of petrol and diesel unchanged it slashed the price of kerosene oil and light diesel oil by Rs10 per litre and Rs7.5 per litre, respectively.

The finance czar mentioned that since the start of the ongoing quarter (October- December) of the fiscal year 2022-23, the prices have cumulatively declined by:

Rs22.63 per litre in petrol price
Rs19.63 per litre in the price of high-speed diesel
Rs28.28 per litre in the price of light diesel oil
Rs30.19 per litre in the price of kerosene oil.

The decline comes amid a drop in international oil prices. As of Decemebr 15, Brent crude futures were down 33 cents or 0.4% at $82.37 a barrel by 1453 GMT and US crude futures lost 43 cents or 0.6% to $76.85.

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