Government has announced a significant reduction in petrol price in Pakistan. According to Finance Minister Ishaq Dar, the petrol price has been reduced by Rs. 9/liter, while high-speed diesel (HSD) saw a reduction of Rs. 7/liter. In a tweet he wrote: Petroleum Products Prices: July 16 to July 31, 2023:

REDUCTIONS:

• • MS Petrol—with Rs 9 per litre reduction, new price Rs 253 per litre.
  • High Speed Diesel —with Rs 7 per litre reduction, new price Rs 253.50 per litre.

Petroleum Products Prices:
July 16 to July 31, 2023:

REDUCTIONS:

MS Petrol—with Rs 9 per litre reduction, new price Rs 253 per litre.

High Speed Diesel —with Rs 7 per litre reduction, new price Rs 253.50 per litre.

— Ishaq Dar (@MIshaqDar50) July 15, 2023

The reduction comes days after International Monetary Fund finalized a $3billion deal with Islamabad. During a televised speech, the finance minister said that one petroleum product has seen an increase, while the price of another went down in the global market during last 15 days.

After the latest decrease, the new petrol price in Pakistan is Rs. 253/liter, while the new price of HSD is Rs. 253.50/liter. “No changes have been made to the petroleum development levy (PDL) which was increased on the demand of IMF,” Dar said.

The new price will be effective from July 16, 2023. 

The finance minister further said that local currency has appreciated against the US dollar in the last 15 days, after an agreement signed between Pakistan and IMF on $3 billion Stand-By Agreement (SBA). “Prime Minister Shehbaz Sharif had directed the authorities concerned to pass the maximum relief to the masses,” the minister said.

Earlier, media reported that although the fuel prices have gone up in the international market, but since PKR has appreciated against USD, consumers could benefit from a cut in petrol price.