Pakistan cuts petrol and diesel prices

KARACHI: Pakistan on Monday cut the prices of petrol and diesel, saying it was due to a decreasing trend of petroleum prices in the international market, the finance ministry said in a statement.
The price of petrol would drop by 40 Pakistani rupees ($0.144) to 283.38 rupees a liter effective October 16. High-speed diesel cost would drop by 15 rupees to 303.18 rupees a liter.
“Owing to the decreasing trend of petroleum prices in the international market and due to the appreciation of the Pak rupee, the government has decided to revise the existing consumer prices of petroleum products,” the finance ministry said.
Battling rising inflation and dwindling foreign exchange reserves, the crisis-hit country is trying to navigate a path to economic stability after agreeing on a $3 billion IMF loan in July.
The government must collect about Rs869 billion in petroleum levies on petroleum products during the current fiscal year under its budget targets and commitments made with the IMF.
Between August 15 and September 15, petrol and high-speed diesel prices were raised by Rs58.43 and Rs55.83 per liter, respectively, to a historic Rs331-333 per liter at retail stage until September 30, when prices were reduced.