Petrol Diesel Price: Government announced a new petroleum price

The Caretaker Government of Pakistan has announced a new petroleum price and a major decrease in petrol and diesel prices. The Ministry of Finance announced a cut in fuel prices.

The interim government has decreased the price of petrol by Rupees 14 per liter and high-speed diesel (HSD) by Rs. 13.50 per liter for the next two weeks. It will remain in effect from December 16, 2023, to January 12, 2024.

Petrol now costs Rs. 267.34 per liter and HSD costs Rs. 276.21 per liter with the new announcement of prices. This double-digit decrease equals a 5% reduction in fuel costs. It is a pleasant shift for Pakistanis dealing with inflation and rising living expenses.

The new prices of Petroleum Products for the fortnight starting from 16th December, 2023, as recommended by Oil and Gas Regulatory Authority (OGRA). pic.twitter.com/ouNPFx6LfM
— Ministry of Finance, Government of Pakistan (@Financegovpk) December 15, 2023

However, the Ministry of Finance attributed the decrease in the costs of petrol and diesel to two important factors. One includes the recent decline in International oil prices and another one is due to significant improvement in the currency rate of Pakistan.

Petroleum Division and Energy Ministry have issued the statistics of decreasing petrol and diesel prices from Sep 16, 2023, to Dec 16, 2023. Petrol price has decreased by Rs. 64.04 per liter and Diesel price has decreased by Rs. 52.99 per liter during this period.

The matrix reveals that in the last 3 months :
Petrol price has decreased by Rs. 64.04 per litre during the said period.
Similarly, The Diesel price has decreased by Rs. 52.99 per litre from Sep 16 to Dec 16, 2023. pic.twitter.com/Pajle2Kulu
— Petroleum Division, Ministry of Energy (@Official_PetDiv) December 16, 2023

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According to a new announcement from the Finance Ministry, Kerosene oil (KSO) and light diesel oil (LDO) prices decreased by Rs. 10.14 and Rs. 11.29 per liter respectively. KSO has decreased to Rs. 191.02 and the LDO has been reduced to Rs. 164.64 following the price decrease.

However, this decision of the interim government to pass on the international price benefit to Pakistanis is a welcome start toward offering relief during these difficult economic times.

It shows the dedication of the government to budgetary restraint as well as its knowledge of the difficulties that the Pakistani people face.