Petrol price slashed by Rs5 per litre for next fortnight

In a relief for masses, govt decreases petrol price to Rs267 per litre; maintains diesel rate

Ashraf Malkham

A large number of bike and car owners stand in a queue at a petrol pump in Hyderabad on July 2, 2022. — APP
A large number of bike and car owners stand in a queue at a petrol pump in Hyderabad on July 2, 2022. — APP

  • Petrol rate decreased to Rs267 per litre.
  • Diesel price to remain unchanged.
  • Revised rates effective from midnight.

ISLAMABAD: In a relief for the masses, the federal government Tuesday announced decreasing the price of petrol by Rs5 per litre to Rs267 per litre for the next fortnight.

In a press conference, Minister for Finance and Revenue Senator Ishaq Dar said that the price of diesel would be maintained at Rs280 per litre till the next review.

The finance czar added that after a reduction of Rs12 per litre, light diesel oil's price has been moved down to Rs184.68 per litre and after a Rs 15 per litre reduction in the rate of kerosene oil, its price has now been fixed at 187.73.

ProductExisting prices w.e.f 16/2/2023New prices w.e.f 1/3/2023Decrease
High speel diesel2802800
Light diesel oil196.68184.6812

The new prices will come into effect from 12am (tonight, March 1) and remain in place till March 15.

The development comes as petrol and diesel prices in the global market have recorded a significant decline, according to The News, allowing the government to provide relief to the already inflation-burdened people.

The publication added that the rupee's appreciation against the dollar in the last two weeks also helped cut the import price of diesel and petrol, as the average exchange rate dropped by Rs8 for the next review of prices.

According to some analysts, the announcement was a bit opposed to the market prediction as it expected that the federal government would hike the rate for appeasing the International Monetary Fund (IMF) — whose loan is critical for the cash-strapped nation.