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Interim Government Reduces Petrol and Diesel Prices Significantly to Ease Inflation Pressure

Date: October 16, 2023

In a move aimed at alleviating the economic burden on the public grappling with inflation, the interim government announced a significant reduction in fuel prices on Sunday. Petrol prices have been slashed by Rs40 per litre, while high-speed diesel (HSD) sees a reduction of Rs15 per litre for the upcoming fortnight.

The Ministry of Finance issued a notification stating that the revised prices are Rs283.38 for petrol and Rs303.18 for HSD. This adjustment is attributed to fluctuations in international commodity prices and an improvement in the exchange rate.

Effective from 12 am tonight, October 16, the new prices will remain applicable until October 31. The updated petroleum product prices for the fortnight starting October 16 are as follows:

ProductsExisting priceNew pricedecrease
Petrol323.38283.38-40
High Speed Diesel (HSD) 318.18303.18-15

Additionally, the government has implemented reductions in the prices of light diesel by Rs19.59 per litre and kerosene oil by Rs22.43 for the next fortnight. Following these adjustments, kerosene oil will be priced at Rs214.85 per litre.

Under the leadership of Prime Minister Anwar-ul-Haq Kakar, the interim government has opted for a zero general sales tax (GST) on all petroleum products. The petroleum levy (PL) rate on petrol stands at Rs60 per litre.

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