The federal government announced a reduction in the petrol price by Rs5 per liter, and the new price would be Rs267 per liter.
At a press conference, Senator Ishaq Dar, Minister for Finance and Revenue, stated that diesel would remain at Rs280 per liter until the next review.
After a reduction of Rs12 per liter, the price of light diesel oil has been reduced to Rs184.68 per liter, and after a reduction of Rs15 per liter, the price of kerosene oil has been set at Rs187.73 per liter.
The new prices will take effect at midnight on March 1 and remain in effect until March 15.
The decrease in gasoline and diesel prices on the global market has enabled the government to relieve the already inflation-stricken populace.
The publication added that the rupee’s appreciation against the dollar over the past two weeks also reduced the import price of diesel and gasoline, as the average exchange rate decreased by Rs8 for the next price review.
According to some analysts, the announcement was somewhat at odds with market expectations, which anticipated that the federal government would increase the interest rate to appease the International Monetary Fund (IMF), whose loan is essential for the cash-strapped nation.
