Pakistan’s Finance Minister, Ishaq Dar, made a major announcement that relieved the country’s citizens.
In a routine fortnightly review, the minister announced a significant reduction in petrol and diesel prices. Specifically, the price of petrol was slashed by Rs9 per litre, while diesel decreased by Rs7 per litre.
“The petrol price has been reduced to Rs253 per litre from Rs262 after a reduction of Rs9. Likewise, high-speed diesel price is being reduced by Rs7. It will now be sold at Rs253.50, down from the existing Rs260,” the minister said.
Market Influences Dictate Price Changes
Minister Dar detailed the factors influencing these price changes during a televised address to the nation on Saturday. He mentioned that the fluctuation in global markets played a pivotal role in the adjustments.
Over the past 15 days, the international market saw a mix of trends for petroleum products – one product experienced a price hike, while another saw a decline in its price. Consequently, the domestic pricing was adjusted to reflect these international market shifts.
