Following a decline in the price of crude oil internationally, the federal government has announced a reduction in the price of petrol by Rs12 per liter. The rate of high-speed diesel is reduced by Rs 30 per liter to Rs 258 per liter from Rs 288 per liter.
Finance Minister Ishaq Dar announced the new rates during a televised speech on Monday. The rate will remain in place for the next two weeks.
According to the minister, the government tries to give relief to the masses during every fortnightly review by slashing petroleum product (POL) tariffs by up to RS30 per liter.
In light of the price drop and the fact that the POL product rate has an impact on a variety of other goods, the finance minister pleaded with the carriers to offer fair assistance to the general public.
The request was made as the cash-strapped country battles rampant inflation, which is still at an all-time high of 36.4% and is the fastest in South Asia, even surpassing Sri Lanka's default.
"In view of the declining price trend of petroleum products on the international market, the government has decided to reduce the existing prices of petroleum products in order to pass on the benefits and provide maximum relief to the masses," the Finance Division stated in a subsequent statement.
Finance Minister Ishaq Dar announced the new rates during a televised speech on Monday. The rate will remain in place for the next two weeks.
According to the minister, the government tries to give relief to the masses during every fortnightly review by slashing petroleum product (POL) tariffs by up to RS30 per liter.
In light of the price drop and the fact that the POL product rate has an impact on a variety of other goods, the finance minister pleaded with the carriers to offer fair assistance to the general public.
The request was made as the cash-strapped country battles rampant inflation, which is still at an all-time high of 36.4% and is the fastest in South Asia, even surpassing Sri Lanka's default.
"In view of the declining price trend of petroleum products on the international market, the government has decided to reduce the existing prices of petroleum products in order to pass on the benefits and provide maximum relief to the masses," the Finance Division stated in a subsequent statement.