Govt slashes petroleum prices by up to Rs40 per liter

ISLAMABAD: Pakistan cut domestic petrol and diesel prices by up to Rs40 per litre on Sunday night, following a decline in global oil prices and a strengthening of the local currency, the Petroleum Division said in a statement.

The government has also slashed the price of high-speed diesel by Rs15 and the price of kerosene oil by Rs22.69.

“Announcing the updated prices of petroleum products via its official X handle (formerly known as Twitter), the Ministry of Finance said that petrol now costs Rs283.38 per liter, while the price for High-Speed Diesel (HSD) stands at Rs303.18 per liter.”

The new prices will remain effective from October 16 for the next fortnight.

The government said the price cuts were aimed at providing relief to the public and easing inflationary pressure.

International oil prices have fallen by about $10 per barrel for petrol and $8 per barrel for diesel in the past month, reaching $104 and $118 respectively, amid concerns over demand and supply disruptions.

The Pakistani rupee has also appreciated by about 4% against the US dollar since September, boosting the country’s foreign exchange reserves and exchange rate stability.