- Rising rupee value contributed to government price cuts: Dal.
- The prime minister has instructed the public to give maximum relief, the minister said.
- New price from July 16th (Sun).
Finance Minister Ishak Dar announced on Saturday that petrol and diesel prices were cut by 9 rupees and 7 rupees per liter respectively in the biweekly review.
In a televised address on Saturday, the finance minister said the price of one petroleum product, the international market, has risen and the price of another petroleum product has fallen in the past 15 days.
After the price reduction, petrol will be available at Rs 253 per liter and HSD will be priced at Rs 253.50 per liter.
Dal said no changes were made to the petroleum development tax (PDL), which was raised to 60 rupees per liter in response to a request from the International Monetary Fund (IMF).
The new price will be applied from Sunday, July 16th.
The finance minister said the local currency had appreciated against the US dollar in the past 15 days after Pakistan signed a staff-level deal with the International Monetary Fund (IMF) on a $3 billion Standby Agreement (SBA).
He said Prime Minister Shebaz Sharif had instructed relevant authorities to give maximum relief to the masses.
just a moment ago news International petroleum product prices have risen in recent days, but after the IMF approved a $3 billion loan and issued a first $1.2 billion tranche, domestic prices fell, citing oil industry sources. Prices at which consumers may benefit from gasoline cuts as the currency appreciates against the dollar.
According to petroleum industry developments, the pre-warehousing price of gasoline is set to drop to Rs 251.92 per liter in the next two weeks. This is a decrease of Rs 10.08 from the current price of Rs 262 per liter.
Meanwhile, HSD’s ex-warehouse price has been increased from Rs.3.66 to Rs.264.16 per liter compared to the current price of Rs.260.50 per liter.
The price of lightspeed diesel has increased from Rs.1.43 to Rs.155.65 per liter compared to Rs.154.22 per litre.
Similarly, the ex-warehouse price of kerosene also showed an increase of Rs.0.73 per liter to Rs.171.78 compared to the current Rs.171.05 per liter.
The exchange rate has contributed to lower off-base gasoline prices, while also limiting increases in off-base diesel prices.
The government imposes a petroleum tax of 55 rupees per liter on gasoline, which was increased by 5 rupees per liter in the last price review.
The government imposes a PL of 50 rupees per liter on HSD, but IMF conditions require it to be increased to 60 rupees per liter.
However, instead of raising the PL by 10 rupees, the government can raise it by 5 rupees per liter.
