By Staff Reporter
ISLAMABAD: The government on Sunday announced that the price of petrol will remain unchanged at Rs282 per litre for the next two weeks, while the price of high-speed diesel has been reduced by Rs5 per litre to Rs288.
In addition, the prices of light-diesel oil and kerosene have been reduced by Rs10 to Rs164.68 and Rs176.07 per litre, respectively.
Finance Minister Ishaq Dar, in a video message, said the government had done its best to negotiate price changes in the nation’s favor after receiving recommendations from the Oil and Gas Regulatory Authority.
The minister said the final price adjustments were settled after several rounds of discussions.
It is noteworthy that in the previous review, the government had increased the price of petrol by Rs10 per litre to Rs282 due to the depreciating value of the country’s currency.
To meet one of the International Monetary Fund’s conditions, the coalition government of Prime Minister Shehbaz Sharif is imposing a petroleum levy of Rs50 per litre on both petrol and high-speed diesel.
The imports of the petroleum group have fallen by 11.66 percent year-on-year in the July-March period of FY23, primarily due to the slowing down of the economy amid unprecedented inflation.
The highest-ever price of petroleum products in the country’s history has also contributed to a decrease in consumption.
In 9MFY23, the total import value of the petroleum group fell to $13.08 billion from $14.81 billion over the corresponding months of the previous year.
According to data compiled by the Pakistan Bureau of Statistics, the imports of petroleum products fell by 19.91 percent in value during 9MFY23 and 34.01 percent in quantity.
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