September 30, 2023 – Pakistan has implemented a significant reduction in petroleum prices for the first half of October 2023, with the new prices taking effect on October 1, 2023.
As detailed in a notification issued by the Ministry of Finance, the price of petrol has been slashed by Rs 8, bringing it down to Rs 323.38 per liter from its previous rate of Rs 331.38 per liter. Similarly, the price of high-speed diesel has been reduced by Rs 11, resulting in a new price of Rs 318.18 per liter, down from Rs 329.18.
This decision to revise consumer petroleum prices has been made in response to fluctuations in international petroleum product prices and improvements in the exchange rate.
It’s worth noting that the exchange rate plays a pivotal role in determining petroleum prices in Pakistan, given the country’s heavy reliance on imported petroleum products to meet its domestic demand. Recent favorable developments in the exchange rate, including the Pakistani Rupee (PKR) appreciating to PKR 287.84 against the US dollar as of September 28, compared to PKR 296.85 on September 15, have contributed to the potential for price reductions and increased purchasing power for consumers.
This reduction in petroleum prices is expected to provide relief to consumers and businesses in Pakistan during the first half of October.