Following a trend of dropping oil market prices, the federal government on Monday announced an important decrease in the cost of petroleum products throughout the nation.
According to a press release from the finance ministry, “the government has decided to reduce the existing prices of petroleum products to pass on the benefits of the decreasing price trend of petroleum products in the international market and provide maximum relief to the masses.”
According to Finance Minister Ishaq Dar, the price of high-speed diesel (HSD) has decreased by Rs 30 per liter, while the cost of diesel has decreased by Rs 12 per liter.
As to the official statement, the new price of petrol is Rs 270, while the price of HSD is Rs 258.
The cost of kerosene and light diesel oil (LDO) has also been decreased, each by Rs12 per liter. The cost of the former has been set at Rs164.07 per liter and the cost of the latter at Rs152.68.
He said the new prices will be in place starting at midnight on May 16 and would last for the following 15 days.
When making the announcement, Finance Minister Dar hoped that the reduced price for petroleum products would lead to lower prices for other goods as well.
To help the already-burdened masses, he also urged the transporters to lower their tariffs.
It should be noted that the price of crude oil in the Brent oil market reached a high of $77.44 a barrel in the previous 14 days.