Pakistan announces significant cuts in petrol, diesel prices

A man fills petrol in his rickshaw at a fuel station in Karachi, Pakistan on August 16, 2023. (AFP/File)
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Updated 16 December 2023
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Pakistan announces significant cuts in petrol, diesel prices

  • Prices of petrol, diesel slashed by Rs14 per liter, Rs13.50 per liter respectively
  • Prices of kerosene, light diesel oil slashed by Rs10.14 per liter, Rs11.29 per liter

ISLAMABAD: Pakistan slashed the prices of petroleum products by up to Rs14 per liter on Friday, a statement by the finance ministry said, a move that would likely ease inflationary pressure on the masses as global oil prices dip. 

The price of petrol was slashed by Rs14 per liter while that of high speed diesel was cut by Rs13.50 per liter, the notification by the ministry said. The new prices of petrol and diesel, following the reductions, are Rs267.34 per liter and Rs276.21 per liter respectively for the fortnight.

“Government of Pakistan has decided to revise the prices of Petroleum Products for the fortnight starting from 16. December, 2023, as recommended by Oil and Gas Regulatory Authority (OGRA),” the notification read, without mentioning a specific reason for slashing the prices.

The government also announced a reduction in the prices of kerosene oil, which was cut by Rs 10.14 per liter from Rs 201.16 per liter to Rs 191.02 per liter. Furthermore, the price of light diesel oil (LDO) were slashed by Rs 11.29 per liter from Rs 175.93/liter to Rs 164.64 per liter. 

Though the notification did not specifically state the reasons for the significant reductions, local media reports had predicted the move, attributing it to a significant decline in global oil prices. 

The development also takes place as the Pakistani currency made slight gains against the greenback this week, appreciating by 0.09 percent on Friday, 0.04 percent on Thursday and 0.06 percent on Wednesday. 

Battling rising inflation and dwindling foreign exchange reserves, Pakistan is trying to navigate a path to economic stability after agreeing on a $3 billion IMF loan in July. 


Pakistan Airports Authority reports ‘historic’ twin-engine aircraft landing in Lahore

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Pakistan Airports Authority reports ‘historic’ twin-engine aircraft landing in Lahore

  • Twin-engine aircraft are usually larger, heavier and require better airport infrastructure, navigation systems to land
  • Pakistan Airports Authority says landing reflects its commitment to enhance aviation sector, strengthen infrastructure

ISLAMABAD: The Pakistan Airports Authority (PAA) announced on Saturday that the New General Aviation Aerodrome achieved a significant milestone when it handled the landing of a twin-engine aircraft. 

A twin-engine aircraft has two engines that provide it redundancy and increased performance compared to single-engine counterparts. These aircraft range from small twin-engine propeller planes to large commercial jetliners. The presence of multiple engines enhances safety by allowing the aircraft to continue flying in the event of an engine failure.

However, twin-engine aircraft are usually larger, heavier and more complex than single-engine planes. They require advanced airport infrastructure such as better runways, navigation systems and air traffic coordination. 

“The New General Aviation Aerodrome, Lahore achieved another significant operational milestone today with the successful landing of a twin-engine aircraft, following the recent arrival of a single-engine aircraft,” the PAA said in a statement. 

It said the flight was also boarded by Air Vice Marshal Zeeshan Saeed, the director general of the PAA. The move reflected “strong institutional confidence” in the aerodrome’s safety standards, operational capability, and overall readiness, it added. 

“The landing was conducted with exceptional precision and professionalism, demonstrating the aerodrome’s robust operational framework, technical preparedness, and effective airside coordination in accordance with contemporary aviation requirements,” the PAA said. 

It said the landing represented a “major advancement” in Pakistan’s general aviation sector and underscores the PAA’s commitment to enhancing regional aviation capacity, strengthening infrastructure and promoting excellence in aviation development.