Big relief to Pakistanis! Govt slashes petroleum prices for first half of May, check new rates
2 min read . Updated: 02 May 2023, 09:54 AM IST
PremiumThe Pakistan government has finally decreased fuel prices, providing some relief to the citizens who are struggling with high inflation.
In a big relief to Pakistan's citizens, the federal government announced a significant reduction in petroleum prices for the first half of May 2023. The prices of High-Speed Diesel, Kerosene, and Light Diesel Oil have decreased, however, petrol prices remain unchanged.
“Big relief for the public! The Government of Pakistan has announced a significant reduction in the prices of high-speed diesel (HSD) by Rs5 per liter, light diesel oil (LDO) by Rs10 per liter, and kerosene oil by Rs10 per liter for the next 15 days. Petrol prices remain unchanged," according to a Tweet issued through an official account, pkrevenue tweeted.
Take a look at new petroleum prices below,
| Product | Old Price | New Price | Increase/Decrease |
| High Speed Diesel (HSD) | 293.00 | 288.00 | -5.00 |
| Light Diesel Oil | 174.68 | 164.68 | -10.00 |
| Kerosene (KSO) | 186.07 | 176.07 | -10.00 |
| Petrol | 282.00 | 282.00 | No change |
International oil prices have decreased significantly over the past year, while fuel prices have risen in domestic markets. The depreciation of the Pakistan Rupee and the need to generate revenue amid this ongoing economic crisis are other major factors in the increase in petroleum prices in the country.
However, the Pakistan government has finally decreased fuel prices, providing some relief to the citizens who are struggling with high inflation.
The government has been increasing fuel prices as the administration makes little progress toward securing a staff-level agreement (SLA) for the restart of a stalled IMF bailout. Importantly, the persistent decline of the rupee and historically high food prices are fueling high inflation rates.
Meanwhile, the United Arab Emirates confirmed financial support of $1 billion to Pakistan, removing yet another hurdle before the cash-strapped nation can secure funds from the IMF.
The international body had previously stipulated that Islamabad should secure $3 billion from other countries for the revival of its USD 6.5 billion bailout package.
Having secured the necessary financial support, Pakistan is now set to obtain a tranche of $1.1 billion which is crucial for the country to resolve an acute balance of payments crisis. The funds - to be released after a staff-level agreement is reached - had originally been due for disbursement in November last year.