The federal government on Wednesday announced a reduction in the prices of petroleum products.
The announcement was made by Finance Minister Ishaq Dar in a press conference. Under the revised prices, the price of petrol has been cut by Rs. 8 per liter while the price of high-speed diesel (HSD) has been reduced by Rs. 5 per liter. The new prices of petrol and HSD will be Rs. 262 per liter and Rs. 253 per liter, respectively.
The price of light diesel oil (LDO) has also been cut by Rs. 5 per liter and the new price will be Rs. 147.68 while the price for kerosene oil will remain unchanged at Rs. 164.07. The new prices will be applicable from midnight.
At the last fortnightly review, the government reduced prices of all petroleum products with the price of petrol going down by Rs. 12 per liter while the price of high-speed diesel (HSD) was cut by Rs. 30 per liter.
The increase in prices of petroleum products i.e. petrol and HSD in the last year is a key contributing factor to the high weekly inflation. The weekly inflation stood at 45.49 percent on a year-on-year (YoY) basis for the week ended on May 25, 2023, according to the latest data issued by the Pakistan Bureau of Statistics (PBS).