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Pakistan announces biggest relief amid worst economic crisis, cuts petrol prices by Rs 40 per litre

According to reports, the petrol and high-speed diesel prices had increased by Rs58.43 and Rs55.83 per litre between August 15 and September 15 respectively in Pakistan, to a historic Rs331-333 per litre at the retail stage until September 30.

Written By: Ajeet Kumar @Ajeet1994 Islamabad Updated on: October 16, 2023 11:16 IST
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In a major relief, Pakistan's interim government has slashed the prices of petrol and diesel by Rs 40 from October 16, Monday. According to the statement released by the Ministry of Finance, prices of petrol and high-speed diesel (HSD) are reduced for the next 16 days, ending October 31, as a result of a decline in the international market and an appreciation in the rupee’s value.

The statement said that the petrol price was cut by Rs40 per litre, and HSD was lowered by Rs15 per litre. As a result, the ex-depot price of petrol fell to about Rs284 per litre. 

“Owing to the decreasing trend of petroleum price in the international market and due to appreciation of the Pak rupee against the US dollar, the government has decided to revise the consumer prices of petroleum products,” read the statement released by the Pakistani government on Sunday.

Pakistan economic crisis

It is worth mentioning that the Anwaar-ul Haq Kakar government had increased the prices of petrol and high-speed diesel prices by Rs58.43 and Rs55.83 per litre, respectively to a historic Rs331-333 per litre at the retail stage until September 30 before reducing it to Rs 283 litre per day.

The country has been reeling under massive economic turbulence, where the citizens have to buy daily essentials at a whopping price. In fact, the cost of mustard oil has reached Rs 500 per litre and flour at Rs 160 per kg. Besides, the government has recently increased electricity prices despite knowing the fact several protests were organised against the interim government.

Also Read: Pakistan increases fuel prices again within 15 days amid economic turbulence. Check new rates

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