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Pakistan slashes fuel prices, petrol to cost Rs262 a litre

The price of petrol was reduced by Rs8 per litre, while the price of high-speed diesel and that of light diesel oil was cut by Rs5 each

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Pakistan has slashed fuel prices by Rs5-8 a litre for the next fortnight — its second consecutive reduction in the price of petrol and the third for high-speed diesel (HSD), according to reports in Pakistan's media.

Finance Minister Ishaq Dar said in a video address that "the price of petrol had been reduced by Rs 8 per litre, whereas the price of high-speed diesel — the most inflationary item — and that of light diesel oil (LDO) was cut by Rs5 each", the Dawn reported on Wednesday night.

This means the price of petrol has come down to Rs262 per litre, while diesel will now cost Rs 253 a litre.

The rate of kerosene, however, has been left unchanged, it said, and added that the government's move — effective Wednesday midnight — was in line with global market trends.

Dar said that cumulatively, the prices of petrol and diesel were reduced by Rs20 and Rs35 per litre, respectively, in May, according to Geo News.

The government's announcement comes in the backdrop of mounting pressure due to rising petrol prices — which had reached a record of Rs282 per litre earlier this year — and inflation, which is currently the highest in the region, the Geo News report said.

The recent decline in global oil prices has provided some relief, but the government is still facing difficulty in keeping prices down as the rupee depreciates, it added.

According to the Dawn report, Dar said the government had tried to create “as much room as possible to provide relief to the people”.

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