In a much-needed relief for the masses, Finance Minister Ishaq Dar on Monday announced a decrease in the prices of petroleum products.

Under the revised prices announced by the finance minister, the price of petrol has been reduced by Rs. 12 per liter while the price of high-speed diesel has been cut by Rs. 30 per liter. The new price of petrol will be Rs. 270 per liter while the price of high-speed diesel will be Rs. 258 per liter.

Petroleum Products Prices

from 16 May to 31 May’23:

Reductions per litre:

High Speed Diesel—Rs 30

Petrol—Rs 12

Kerosene Oil—Rs 12

Light Diesel Oil—Rs 12

New Prices per litre:

Petrol—Rs 270

HighSpeed Diesel—Rs 258

KeroseneOil—Rs 164.07

Light Diesel Oil—Rs 152.68

The prices of both kerosene and light diesel oil have also been reduced by Rs. 12 per liter. The new price of kerosene will be Rs. 164.07 while the new price of light diesel oil will be Rs. 152.68 per liter. The new prices of all products will be effective from May 16.

It is pertinent to mention here that at the last fortnightly review of petroleum prices, the government kept the price of petrol unchanged at Rs. 282 per liter. However, a slight cut was announced in the price of high-speed diesel, which saw its price go down by Rs. per 5 liter to Rs. 288.

Weekly inflation in the country is above 48 percent on a year-on-year basis as per the latest figures released by the Pakistan Bureau of Statistics (PSB). The high prices of both petrol and diesel over the previous year are a major contributing factor toward the rampant inflation.

Source: Pro Pakistani