Petrol price cut by Rs10 per liter

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Islamabad: In a bid to provide relief to the masses, the federal government slashed the price of petrol by Rs10 per litre on Thursday.

In a video address, Finance Minister Ishaq Dar on Thursday said that the price reduction had been made in line with Prime Minister Shehbaz Sharif’s aspirations of “providing maximum” relief to the masses.

As a result of the price cut, petrol will be available for Rs214.80 for the next fifteen days when the government will have to decide the prices again on December 31st.

Similarly, the price of high-speed diesel has been reduced to Rs227.80 after a cut of Rs 7.50 per litre. Moreover, the kerosene oil price has been reduced to Rs171.83 after a reduction of Rs 10 per litre, and light diesel oil new prices will be Rs 169 after a cut of Rs 10 per litre.

It is pertinent to mention here that the price of petrol and HSD diesel were kept unchanged since September 30, when the government had last slashed the price of petrol by Rs12.63 per litre.

Since then, the government had been unable to pass on relief to the masses in the form of price reductions due to the deal with the IMF.

All you need to know about Pakistan, IMF deal

Per the IMF agreement, Pakistan has to collect Rs50 petroleum levy on fuel prices. Currently, the government is charging Rs50 petroleum levy on petrol and Rs30 on diesel.