Government Reduced the Petrol & Diesel Prices – 16 Oct 2023

Caretaker Government’s Bold Move – Price Cuts on the Horizon

Prime Minister Anwaarul Haq Kakar-led caretaker government took a decisive step on Sunday night by reducing the petrol & diesel prices significantly. Here’s a breakdown of the key information:

Why the Price Reduction?

In a recent notification from the finance ministry, it was mentioned that this price adjustment was driven by two key factors:

1. International Market Trends:

The decreasing trend of petroleum prices in the international market played a significant role in this decision.

2. Rupee’s Strength:

The appreciation of the Pakistani Rupee against the US Dollar was another crucial factor.

The New Petrol & Diesel Prices

Following these substantial cuts, the new prices are as follows:

Petrol Price:

Reduced by Rs40 per litre, now priced at Rs283.80 per litre.

High-Speed Diesel (HSD) Price

Reduced by Rs15 per litre, now priced at Rs303.18 per litre

Effective Date

These revised prices will come into effect from 12:00 AM tonight, October 16, and remain in place until October 31.

Recent Price Adjustments

This isn’t the first time the caretaker government has taken such action. Two weeks ago, they lowered the price of petrol by Rs8 per litre and high-speed diesel by Rs11 per litre for the following fortnight. This was in response to the dynamic international petroleum market and improved exchange rates.

Previous Prices

To provide context, after the previous petrol price reduction, the price of petrol was Rs323.38 per litre, and high-speed diesel was priced at Rs318.18 per litre.Now, consumers can anticipate a two-week reprieve with lower fuel costs, thanks to the caretaker government’s proactive measures.