Pakistan’s consumers received a welcome surprise on Friday as the caretaker government announced a significant reduction in fuel prices, slashing the cost of petrol by Rs14 and high-speed diesel (HSD) by Rs13.50 per litre for the next fortnight.
The Ministry of Finance attributed the price revision to two key factors: the recent downward trend in international oil prices and a positive improvement in Pakistan's exchange rate.
The revised prices see petrol now retailing at Rs267.34 per litre, while HSD stands at Rs276.21. This double-digit decrease translates to around a 5% reduction in fuel costs, a welcome change for consumers battling inflation and rising living expenses.
The price of kerosene oil (SKO) and light diesel oil (LDO) have been slashed by Rs 10.14 per litre and Rs 11.29 per litre respectively. Following the reduction in the prices, the SKO has been reduced to Rs 191.02 and LDO new price will be Rs 164.64.
The reduction in the prices of petroleum products will be applied from 12 o'clock tonight.
The caretaker government’s decision to pass on the international price benefit to consumers is a positive step towards providing relief during these challenging economic times. It demonstrates the administration's commitment to fiscal responsibility and its understanding of the hardships faced by the Pakistani people.
