On Sunday, the interim administration announced price reductions for petrol and high-speed diesel (HSD) of Rs. 40 and Rs. 15, respectively, per litre.
The updated cost of petrol is Rs 283.38 and that of HSD is Rs 303.18, according to a notice from the Ministry of Finance.
The announcement further said that the new rates will be in force from October 16 till October 31.
According to a statement from the ministry, the government has decided to adjust consumer prices as a result of changes in the price of petroleum products on the global market and an improvement in the currency rate.
In a press release, the finance ministry said, “Owing to the decreasing trend of Petroleum prices in the international market and due to appreciation of the Pak Rupee against the US dollar, the government has decided to revise the existing consumer prices of petroleum products.”
Owing to the decreasing trend of Petroleum prices in the international market& due to appreciation of Pak Rupee against US dollar,the Govt has decided to revise the existing consumer prices of Petroleum Products #BreakingNews #news #RadioPakistan pic.twitter.com/5LPj6GvnV3
— Radio Pakistan (@RadioPakistan) October 15, 2023
Petrol prices:
According to the statement, the price modification was brought on by changes in petroleum product prices throughout the world and an improvement in the currency rate.
After three weekly increases, the caretaker administration is now lowering fuel prices for the second time in a row.
In the last adjustment, the cost of gasoline had been reduced by Rs. 8 per litre and the cost of high-speed diesel by Rs. 11 per litre.
Due to a sharp decline in global oil prices and the strengthening of the rupee, it was predicted earlier this week that the price of HSD and gasoline will drop below Rs300 per litre in the upcoming review.
The dollar dropped an additional 93 paise on Thursday, closing at Rs278.58 in the interbank market, which was unresponsive to the underwhelming remittances data.
Since September 1, the price of gasoline and diesel has been over Rs300 per litre. Fuel has been a major factor in increasing consumer costs, along with expensive power, propelling inflation to 31.4% in September. In light of this, the cut may stop the upward inflationary trend.