ISLAMABAD: The government announced to cut down fuel prices in Pakistan for the rest of the month on Wednesday shortly after reaching a staff-level agreement with the International Monetary Fund (IMF) following an in-depth economic review by a visiting delegation of the international lending agency.
Pakistan typically adjusts petroleum prices on a fortnightly basis, taking into account international energy market fluctuations and the rupee-dollar exchange rate.
The government has lowered the rates of petroleum products by up to Rs9.01, with the per-liter cost of petrol decreasing by Rs2.04.
“Government of Pakistan has decided to revise the prices of Petroleum products for the fortnight starting 16 November 2023, as recommended by the Oil & Gas Regularity Authority,” said a finance division notification while sharing the new rates.
The price of petrol has been reduced from Rs283.38 to Rs281.34 per liter; high-speed diesel is down by Rs6.47 to Rs296.71 per liter; kerosene oil is now Rs204.98 per liter after a reduction of Rs6.05; and light diesel oil, which saw the most significant cut of Rs9.01, has now been priced at Rs180.45.
This move comes after the caretaker administration in Pakistan significantly increased fuel costs after taking over in August to meet the requirements of a short-term, $3 billion loan program from the IMF secured earlier this year.
However, the government has since begun to offer some economic relief by gradually reducing these rates.
The latest reduction in fuel prices is the first in a month, following two consecutive reviews where petroleum product costs were left unchanged.