In a welcomed development for those burdened by rising inflation, the interim government in Islamabad has announced a significant reduction in fuel prices for the upcoming two weeks. For the first time in two-and-a-half months, the price of petrol has been lowered by Rs8, providing some respite to consumers.
Simultaneously, the diesel price has also seen a substantial cut of Rs11, resulting in a new rate of Rs318.18 per litre. These revised prices came into effect at midnight.
Here’s a summary of the changes in fuel prices:
- Petrol: Previous price (as of September 16, 2023) – Rs331.38; New price (as of October 1, 2023) – Rs323.38; Decrease – Rs8.
- Diesel: Previous price (as of September 16, 2023) – Rs329.18; New price (as of October 1, 2023) – Rs318.18; Decrease – Rs11.
The Ministry of Finance, in an official statement, cited the appreciation of the Pakistani rupee and a global decline in petroleum rates as the basis for this decision.
“In light of fluctuations in international petroleum prices and the strengthening of the exchange rate, the Government of Pakistan has chosen to adjust consumer prices for petroleum products,” stated the ministry.
Moreover, the government has also implemented a reduction of Rs7.53 per litre for kerosene oil, setting its new price at 237.28, while light diesel oil now costs Rs7.77 less per litre, amounting to 212.45.
The last time fuel prices witnessed a decline was in mid-July when petrol was reduced by Rs9 per litre to Rs253, and diesel saw a Rs7 decrease, bringing it down to Rs253.50.