Finance Minister Ishaq Dar announced the new petrol prices which are unchanged and is exactly equal to the previous one. Addressing the nation in a televised speech, the minister highlighted the government’s commitment to adjusting petrol prices in accordance with international market trends.

New Petrol Prices

Effective from July 1st, petrol prices will be the same as before, which was Rs. 262/liter. On the other hand, diesel prices will witness a substantial increase of Rs. 7.5/liter, resulting in a revised cost of Rs. 260.5 per liter. The new prices will be implemented at 12 am on 30th June 2023.

Minister Dar emphasized the importance of ensuring that the benefits of these price reductions reach the public in various sectors. He urged transporters and other diesel-consuming industries to pass on the relief to the consumers through reduced fares, enabling all segments of the economy to benefit from this positive development.

It is worth noting that the government had maintained petrol prices at the same level since April 30, whereas high-speed diesel witnessed a decrease of Rs. 5 per liter during that period.

The recent decline in overall oil sales in Pakistan has been a cause for concern, with a 47% year-over-year drop recorded in April. From July to April of FY23, total sales have shrunk by 24% to 13.970 million tonnes. The decrease in sales has primarily been attributed to a significant decline in furnace oil and diesel sales.

As the government takes proactive measures to address the economic challenges, the reduction in fuel prices brings a ray of hope for consumers, providing some relief from the burden of high living costs.

Are you happy with this relief in petrol prices? Share your thoughts in the comments below!