Petrol price slashed by Rs10 per litre

ISLAMABAD: Finance Minister Senator Muhammad Ishaq Dar Thursday announced that the price of petrol had been slashed by Rs10 to Rs214.80 per litre for the next fortnight effective from December 16 (today).

In a video address, Dar said the petrol price was reduced in line with Prime Minister Shehbaz Sharif’s aspirations of providing maximum relief to the masses.

As a result of the revised rates of petroleum products, diesel will now sell at Rs227.80 per litre after a reduction of Rs7.5 per litre. The prices of kerosene and light diesel oil have also been slashed to Rs171.83 and Rs169 per litre, respectively.

The government on November 30 kept the price of petrol and diesel unchanged. The prices of kerosene and light diesel oil were slashed by Rs10 per litre and Rs7.5 per litre, respectively.

The finance minister mentioned that since the start of the ongoing quarter (October-December) of the Fiscal Year 2022-23, the price of petrol cumulatively had declined by Rs22.63 per litre, high-speed diesel by Rs19.63 per litre, light diesel oil by Rs28.28 per litre and kerosene by Rs30.19 per litre. The decline comes amid a drop in the international oil prices. As of December 15, Brent crude futures were down 33 cents or 0.4% at $82.37 a barrel by 1453 GMT and US crude futures lost 43 cents or 0.6% to $76.85.