Petrol Price Decreased Significantly July 2023

17 Jul 2023

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Petrol Price Decreased Significantly July 2023

The Government of Pakistan has recently made an important announcement regarding a substantial reduction in petrol prices. Finance Minister Ishaq Dar revealed that the price of petrol has been decreased by Rs. 9 per liter, while high-speed diesel (HSD) will see a reduction of Rs. 7 per liter. The finance minister shared this information on his Twitter account, stating that the new price of petrol will be Rs. 253 per liter, reflecting a reduction of Rs. 9, while the new price of high-speed diesel will be Rs. 253.50 per liter, with a reduction of Rs. 7.

This reduction in petrol prices comes shortly after the International Monetary Fund (IMF) finalized a $3 billion deal with Islamabad. During a televised speech, the finance minister highlighted that while the price of one petroleum product has increased, the price of another has decreased in the global market over the past 15 days.

New Price of Petrol

The new prices of petrol and high-speed diesel will take effect from July 16, 2023. The finance minister emphasized that there have been no changes made to the petroleum development levy (PDL), which was increased at the demand of the IMF.

Furthermore, the finance minister mentioned that the local currency has appreciated against the US dollar in the last 15 days, following the signing of a $3 billion Stand-By Agreement (SBA) between Pakistan and the IMF. He stated that Prime Minister Shehbaz Sharif had directed the relevant authorities to ensure maximum relief for the masses.

Earlier reports from the media indicated that although fuel prices have risen in the international market, the appreciation of the Pakistani rupee against the US dollar could result in a cut in petrol prices, ultimately benefiting consumers.