Govt Reduces Petrol Price By Rs12 Per Litre

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Govt reduces petrol price by Rs12 per litre

Finance Minister Ishaq Dar appeals transporters to reduce fares after decrease in the POL prices.

ISLAMABAD: (UrduPoint/Pakistan Point News-May 16th, 2023) The coalition government on Tuesday announced a reduction in petrol prices by Rs12 per litre to Rs270 per litre.

The decision was made following a decline in international oil rates.

The new prices will take effect from 12 am tonight (Tuesday) and will remain in place for two weeks.

The announcement was made by Senator Ishaq Dar, the Minister for Finance and Revenue. According to the minister, the government also reduced the rates of other petroleum products (POL) by up to Rs30 per litre during every fortnightly review in an effort to provide relief to the masses.

This move by the Federal government is expected to provide some relief to the cash-strapped nation and its citizens who have been grappling with the effects of high inflation and economic hardship.

The Finance Minister, however, appealed to transporters to ensure that the benefits of these price reductions are passed on to consumers, as the price of POL affects various other commodities.

Pakistan is currently facing high levels of inflation surpassing even Sri Lanka's defaulted economy. The Finance Division explained in a statement that the government's decision to reduce fuel prices was made to pass on the benefits of the declining price trend of petroleum products in the international market and to provide maximum relief to the masses.

Abdullah Hussain

Abdullah Hussain is a staff member who writes on politics, human rights, social issues and climate change.