Petrol Prices in Pakistan reduced by the Federal Government up to Rs8 per liter today (Wednesday, May 31).
According to media reports, the federal government of Pakistan reduced the petrol prices by up to Rs8 per liter. The decision was announced by the Federal Minister of Finance Ishaq Dar in a televised address.
According to the new rates, the price of petrol has been reduced to Rs262 per liter after a cut of eight rupees. Meanwhile, the new price of diesel will be Rs253 per liter after being reduced by five rupees. The prices will remain unchanged for the next fortnight.
Finance Minister Ishaq Dar said that cumulatively, the prices of petrol and diesel were reduced by Rs20 and Rs35 per liter, respectively, in May.
The announcement of the Federal government comes as it faces increased pressure due to rising petrol prices — which had reached a record of Rs282 per liter earlier this year — and inflation, which is currently the highest in the region. The recent decline in global oil prices has provided some relief, but the incumbent government is still facing difficulty in keeping the prices of petroleum products down as the rupee depreciates.
According to the media reports, Oil marketing companies had estimated that the prices of diesel and petrol are likely to drop by Rs5 per liter.