ISLAMABAD: Pakistan has reduced the price of petrol by Rs10 per liter, announced Finance Minister Muhammad Ishaq Dar on Thursday, as the government aims to reduce the burden of soaring inflation on Pakistani citizens.
Pakistan determines the prices of petroleum products on a fortnightly basis while considering their fluctuating rates in the international market.
The government steadily increased prices of these products after taking over political power in April since it was seeking the resumption of a bailout package offered by the International Monetary Fund (IMF).
In October, it slashed prices of petroleum products to provide relief to masses in the wake of rising inflation. In a Twitter post, Dar announced the price reduction in all petroleum products.
"MS Petrol —with Rs 10 reduction,Rs 214.80 per litre," he wrote on Twitter.
The finance minister also announced a cut in the price of kerosene oil by Rs 10 per liter and a reduction of Rs7.50 per liter in the price of high speed diesel. He also announced a reduction of Rs10 per liter in the price of light diesel oil.
According to the finance minister, the new prices of petroleum products after the reduction in prices are kerosene oil, Rs 171.83 per liter, light diesel oil Rs 169 per liter, high speed diesel Rs 227.80 per litre and petrol Rs214.80 per liter.
The new prices of petroleum products will remain in effect till December 31, 2022.
