Prime Minister Shehbaz Sharif has announced a reduction in the Petrol Prices in Pakistan from 15 July 2022 for the remainder of the month during this address to the nation on Thursday. The Federal Government has revised Prices of Petroleum Products a day earlier in order to provide immediate relief to the public and pass on the benefit of reduced Price of Crude Oil in the international market to the consumer.
According to the announcement, Petrol Price in Pakistan has been reduced by Rs. 18.5 per litre, while the Price of High-Speed Diesel (HSD) in Pakistan has been slashed by Rs. 40.54 per litre. Meanwhile, the Price of Kerosene Oil will be cut by Rs. 33.81 per litre and the Price of Light Diesel Oil (LDO) will be reduced by Rs. 34.71 per litre.
This will bring the Price of Petrol in Pakistan at Rs. 230.24 per litre, while the Price of High-Speed Diesel will now be Rs. 236.00 per litre after the increase. Meanwhile, the new Price of Kerosene Oil will be Rs. 196.45 per litre and Light Diesel Oil (LDO) will now be sold at Rs. 191.44 per litre.
Petrol Prices in Pakistan From 15 July 2022
PRODUCT | CURRENT PRICE (PKR) | NEW PRICE (PKR) | Change (PKR) |
|---|---|---|---|
Petrol | 248.74 | 230.24 | -18.5 |
High Speed Diesel (HSD) | 276.54 | 236.00 | -40.54 |
Kerosene Oil | 230.26 | 196.45 | -33.81 |
Light Diesel Oil (LDO) | 226.15 | 191.44 | -34.71 |
The Latest Petrol Prices in Pakistan will come into effect from 15 July 2022 and will remain unchanged for the remainder of the month of July.
Prime Minister Shehbaz Sharif said that the coalition government had inherited a ‘troubled economy’ from the previous PTI government, which had ‘trampled’ on the agreement it had made with the International Monetary Fund (IMF) to lay landmines for the next government.
He acknowledged that decision to increase the Petrol Prices in Pakistan had burdened the underprivileged segment of society. “There was no no other way and we had to take tough measures.” he said. “However, today with God’s blessing, oil prices are declining in international markets and it is by his mercy that today we have got the chance to reduce the prices,” he added.
The Finance Ministry has also issued a notification in this regard. “In line with decision of the Prime Minister of Pakistan to pass on the benefits of declining trend of petroleum products in the international market and provide relief to the masses, the existing prices of petroleum products are revised.” said the notification.
It is pertinent to mention that Prime Minister Shehbaz Sharif had sought a summary from the Petroleum Division, Ministry of Finance, and other relevant departments, proposing a reduction in Prices of Petroleum Products to pass on the benefit on reduced Price of Crude Oil in the international market to the consumer.
Earlier today, Finance Minister Miftah Ismail said that Finance Ministry had received a summary from the Oil and Gas Regulatory Authority (OGRA) recommending a decrease of Rs. 15 per litre in the Price of Petrol and Rs. 33.99 per litre in the Price of High-Speed Diesel (HSD).
It bears mentioning that Petrol Prices in Pakistan had been increased by over Rs. 100 per litre ever since the coalition government came to power after ousting Imran Khan as Prime Minister through a no-confidence motion. However, the reduction in the prices of these commodities will provide much needed relief to the general public.
Read more: PM Sasta Petrol, Sasta Diesel Relief Package – How to Apply.
