Finance Minister Ishaq Dar announced on Tuesday that the price of petrol would be reduced by Rs 5 per liter. In a video message, Dar stated that the new price of petrol is Rs 267 per liter, down from Rs 272. However, the price of high-speed diesel would remain unchanged at Rs 280 per liter.
In addition, the price of kerosene oil, currently Rs 202.73, will be reduced to Rs 187.73 after a decrease of Rs 15, while the price of light diesel, currently Rs 196.68, will be reduced to Rs 184.68 after a decrease of Rs 12.
Dar also announced that the new prices would come into effect from midnight. In response to the announcement, PMLN senior Vice President Maryam Nawaz thanked Dar and described the news as “good news for people.”
The Pakistani government is currently racing against time to impose tax measures and reach an agreement with the International Monetary Fund (IMF). The country’s reserves are reportedly depleting and experts estimate that the current amount of $3 billion will only be sufficient for around 16 or 17 days of imports. An agreement with the IMF to complete the nine reviews of a $7 billion loan program would not only lead to spending of $1.2 billion but also unlock inflows from friendly countries.
Last week, the Prime Minister announced measures for self-denial, which he claims will save the country Rs200 billion annually. Pakistan is in urgent need of funds as it battles a worsening economic crisis.