Finance Minister Ishaq Dar announced on Saturday an Rs9 per litre drop in the price of petrol and a Rs7 reduction in the price of high-speed diesel (HSD).
The new rates will take effect from midnight today, according to the finance minister, who spoke at a press conference in Islamabad.
“The petrol price has been reduced by Rs9 to Rs253 per litre from Rs262.” Similarly, the price of high-speed diesel has been decreased by Rs7. The price has been reduced from Rs260 to Rs253.50, according to the ministry.
However, no modifications in the price of kerosene or light-diesel oil were announced by the finance minister.
Ishaq Dar stated that in the recent 15 days, the price of one petroleum product increased while the price of another decreased in the international market.
He said that the rise in the value of the Pakistani rupee had compensated for the price increases on these items.
The minister also stated that no modifications had been made to the petroleum development levy (PDL), which had been raised in response to the International Monetary Fund’s (IMF) request.
“Prime Minister Shehbaz Sharif has directed us to provide as much relief to the people as possible, so we are not changing the PDL,” he added.
Earlier, the government kept the prices of petrol unchanged and increased the diesel price by Rs7.5 per liter.