ISLAMABAD - The federal government has reduced the prices of petroleum products for next fortnight. In a televised address, Finance Minister Ishaq Dar said that the government has reduced the price of petrol by Rs9 to Rs253 per litre from existing Rs262 per litre. Similarly, the government has cut the price of high speed diesel (HSD) by Rs7 to Rs253.5 per litre from Rs260.5 per litre.
He said no changes had been made to the petroleum development levy (PDL) which was increased to Rs55 per litre on petrol on the demand of International Monetary Fund (IMF) on 1st July. The new prices will be effective from July 16 (today). The finance minister said the local currency had appreciated against the US dollar in the last 15 days after Pakistan signed a staff-level agreement with International Monetary (IMF) on $3 billion Stand-By Arrangement (SBA). He said Prime Minister Shehbaz Sharif had directed the authorities concerned to pass on maximum relief to the masses.
