Finance Minister Ishaq Dar announced a reduction in the cost of petrol and high-speed diesel (HSD) of Rs. 9 per litre and Rs. 7, respectively.
Govt reduces petrol price:. The finance minister announced at a press briefing in Islamabad that the new pricing will take effect at midnight today.
“The price of petrol has been decreased by Rs9, from Rs262 to Rs253 per litre. The cost of high-speed fuel has also decreased by Rs 7. The price has been reduced from Rs260 to Rs253.50, the minister announced.
However, the finance minister made no mention of any adjustments to the price of light-diesel or kerosene.
Ishaq Dar drew attention to the fact that over the previous 15 days, the price of one petroleum product had increased while that of another had decreased on the global market.
He said that the value of the Pakistani Rupee had increased, making up for the rise in the price of these goods.
The minister added that the government has not changed the petroleum development levy (PDL) despite the International Monetary Fund’s (IMF) request.
“Prime Minister Shehbaz Sharif has directed us to pass on as much relief as we can to the people, so we are not doing any change in the PDL,” he continued.
Previously, the government maintained the cost of gasoline steady while raising the cost of diesel by Rs7.5 per litre.
IMF rescue
On Thursday, the International Monetary Fund gave Pakistan the first installment of $1.2 billion for the SBA program.
Dar stated, “We will have two installments, and we will reveal the remaining $1.8 after two reviews.”
After signing the staff-level agreement last month, the International Monetary Fund (IMF) recently approved a $3 billion loan for Pakistan.