ISLAMABAD – Federal Finance Minister Ishaq Dar on Monday announced a cut in the prices of petrol and diesel for the next two weeks.
The move comes after a considerable decrease in the prices of crude oil in the international market. The price of petrol has been slashed by Rs12 per litre to Rs270 per litre.
The new price will be effective from 12am on May 16 and remain in place for the next fortnight, Dar said in a televised address.
The prices of petroleum products (POL) have been slashed by up to RS30 per litre, as the government “tries to give relief to the masses during every fortnightly review”, Dar said.
Dar appealed to transporters to provide a “fair” relief to the masses after the latest cut in prices of petroleum products.
The appeal comes at a time when Pakistan is facing the highest rate of inflation in South Asia, even leaving behind the defaulted nation of Sri Lanka.
Dar said, “In view of the declining price trend of petroleum products in the international market, the government has decided to reduce the existing prices of petroleum products in order to pass on the benefits […] and provide maximum relief to the masses.”
As told by IMF, Pakistan increases gas tariff for domestic consumers up to 124pc