The Prime Minister-led government, under Shehbaz Sharif, may soon reduce the prices of petroleum products, owing to a decline in global prices. Industry insiders informed Geo News on Monday that the cost of diesel may decrease up to Rs27 per litre, while petrol may reduce by Rs17 per litre. The previous price cuts on diesel were Rs5 per litre, and there were no price cuts on petrol.
During a televised address, Finance Minister Ishaq Dar explained that the price cuts were intended to provide maximum relief to the masses at the Prime Minister’s direction. He also announced a reduction of Rs10 per litre each in the prices of Kerosene oil and Light Diesel Oil (LDO). The current prices, which have been effective since May 1, are Rs282 for petrol, Rs288 for HSD, Rs176.07 for kerosene oil, and Rs164.68 for light diesel oil per litre. They will remain in effect until midnight on May 15.
The Finance Division will announce the new rates today, which will remain intact for the next 15 days.