The federal authorities on Monday introduced an enormous discount within the costs of petroleum merchandise within the nation following a declining worth development within the worldwide oil markets.
“The authorities has determined to scale back the prevailing costs of petroleum merchandise in an effort to go on the advantages of reducing worth development of petroleum merchandise within the worldwide market and supply most aid to the plenty,” the finance ministry mentioned in a press launch.
Finance Minister Ishaq Dar mentioned the value of high-speed diesel (HSD) has been decreased by Rs30 per litre whereas the tariffs of petrol have been reduce by Rs12 per litre.
Additionally learn Pakistan’s refineries: a story of missed alternatives
As per the official notification, the brand new worth of petrol has been set at Rs270 whereas the tariff of HSD has been mounted at Rs258.
Likewise, the value of kerosene oil and light-weight diesel oil (LDO) have additionally been decreased by Rs12 per litre respectively. The value of the previous has been mounted at Rs164.07 and the latter at Rs152.68 per litre.
He mentioned the costs will come into impact from midnight on Could 16 and that the change will keep in impact for the subsequent 15 days.
Making the announcement, Finance Minister Dar hoped that the costs of different commodities would additionally come down with the discount of costs in petroleum merchandise. He additionally urged the transporters to scale back their tariffs for the advantage of the already burdened plenty.
It must be famous right here that within the final 14 days, the value of crude oil within the Brent oil market was as excessive as $77.44 per barrel.