ISLAMABAD – The federal government on Wednesday slashed the petrol prices by Rs8 per litre.
The announcement was made by Finance Minister Ishaq Dar during a televised address. Following the decision, the price of petrol has been lowered to Rs262 per litre, reflecting a reduction of Rs8. Similarly, the new price for diesel will be Rs253 per litre, indicating a decrease of Rs5.
These revised prices will take effect from 12am tonight and will remain unchanged for the next two weeks. Minister Dar highlighted that during the month of May, petrol and diesel prices had already been lowered by Rs20 and Rs35 per litre, respectively.
PML-N senior leader Maryam Nawaz took to twitter and shared the news with her followers.
Alhamdolillah! ???? https://t.co/c5q7AekPue
— Maryam Nawaz Sharif (@MaryamNSharif) May 31, 2023
This move by the government comes in response to mounting pressure caused by the previous record-high petrol prices of Rs282 per litre earlier this year and the region’s currently highest inflation rate.
While the recent decline in global oil prices has provided some relief, the government continues to face challenges in keeping prices stable due to the depreciation of the rupee. Oil marketing companies (OMCs) had estimated a potential reduction of Rs5 per litre for diesel and petrol. Additionally, there were speculations that the government might maintain the prices of petroleum products unchanged due to the rupee’s depreciation.
