Govt slashes petrol price by Rs5 per litre for next fortnight

ISLAMABAD: The federal government announced Tuesday that the price of gasoline will drop by Rs5 per litre to Rs267 per litre for the upcoming two weeks. Ishaq Dar, the Minister of Finance and Revenue, stated during a press conference that the price of diesel would remain at Rs280 per litre until the next review. The finance czar added that light diesel oil’s price has been reduced by Rs 12 per litre to Rs 184.68 per litre and that the price of kerosene oil has been reduced by Rs 15 per litre to Rs 187.73 per litre.

The new prices will come into effect from 12am (tonight, March 1) and remain in place till March 15.

The development comes as global petrol and diesel prices have dropped significantly, allowing the government to provide relief to people already burdened by inflation. According to the publication, the rupee’s recent appreciation against the dollar has also helped reduce the import price of diesel and gasoline, with the average exchange rate dropping by Rs8 for the next price review. According to some analysts, the announcement went against market expectations because the federal government was expected to raise the rate to appease the International Monetary Fund (IMF), whose loan is critical for the cash-strapped nation.