Last Updated on: 12th July 2023, 11:56 pm
PM Shehbaz Cuts Petrol Price By 18.50 Rupees Per Liter
Prime Minister Shehbaz Sharif on Thursday announced a cut in the price of petroleum products to bring the benefits of lower crude tariffs to the international market.
The Prime Minister began his speech by explaining that the coalition government had inherited an ailing economy from Pakistan’s Tehreek-e-Insaf. He said that the previous government trampled on the agreement with the International Monetary Fund and planted landmines on us.
The Prime Minister said that as prices in the international market are falling at the moment, the government has decided to shift the aid to the people and as a result, the price of petrol has been reduced by Rs. 18.50 per liter while the price is high-speed- Diesel has been reduced by Rs 40.54 per liter.
The new price for petrol is Rs. 230.24 per liter, while the price for high-speed diesel will be Rs. 236 per liter. Kerosene price was also reduced by Rs 33.81 while light diesel fuel price was reduced by Rs 34.71. The new tariffs apply from midnight.
| Product | Existing Prices w.e.f 01-07-2022 |
New Prices w.e.f 15-07-2022 |
Decrease |
| MS (Petrol) | 248.74 | 230.24 | -18.50 |
| High-Speed Diesel (HSD) | 276.54 | 236.00 | -40.54 |
| Kerosene (SKO) | 230.26 | 196.45 | -33.81 |
| Light Diesel Oil | 226.15 | 191.44 | -34.71 |
Also Read: Miftah Ismail Warns of Further Increases in Petrol Prices
It is worth noting that Prime Minister Shehbaz Sharif on Tuesday requested a summary from the finance and oil ministries recommending a cut in the price of petroleum products.
Brent crude fell to $95.67 a barrel on Thursday. The price of Brent crude oil has fallen sharply in recent weeks since hitting $139 in March near a 2008 all-time high.
The government last announced a price hike for petroleum products on June 30, the fourth such increase since May 26, bringing the total of all increases to Rs 132 per liter.
Also Read: Diesel Petrol Prices Increased by Rs30 in Pakistan