Despite the reports of possible reduction, the petrol price in Pakistan has remained unchanged for the next fortnight. Earlier media reports suggested that the government may decrease the petrol price by Rs. 4.5 per liter, while diesel prices may observe a slump of Rs. 6 per liter. However, the reports were only partially correct.
Sharing the rates of new prices, Finance Minister Ishaq Dar said that new prices had been worked out to provide “maximum relief” to the masses on the instruction of Prime Minister Shehbaz Sharif.
New Fuel Prices in Pakistan
During his televised statement, the financial czar announced an Rs. 10/liter decrease in Kerosene Oil and Light Diesel Oil (LDO) prices each. After the announcement of the new fuel prices in Pakistan, from May 1 to May 15, are:
- Petrol price remained unchanged and stood at Rs. 282/liter.
- High-Speed Diesel (HSD) saw a reduction of Rs. 5 and now stands at Rs. 288 instead of the previous Rs. 293/liter.
- Kerosene Oil’s price is reduced by Rs.10. Hence, the new price is Rs. 176.07 compared to the old rate of Rs. 186.07.
- LDO also observed a slump of Rs. 10/liter taking the price to Rs. 164.68 instead of Rs. 174.68.
The petrol prices have remained in the news constantly during the last couple of months, mainly because of the proposed cheap petrol scheme. The government presented the project to subsidize petrol for motorcycle owners, rickshaw drivers, and cars up to 800cc. The proposal revealed that the government would charge Rs. 75/liter extra from car owners above 800cc and will use this amount to subsidize society’s middle-class and lower-middle-class sections.
However, the scheme is in limbo mainly due to objections by International Monetary Fund (IMF) which have stopped Islamabad from announcing subsidies. More importantly, this is not the first time such a scheme has been announced, but it has never seen the light of day.
What is your take on new petrol prices in Pakistan? Please share your thoughts in the comments section.
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