In a major relief for inflation-hit masses, Pakistan’s caretaker government has reduced petrol and high-speed diesel (HSD) prices for the next 16 days, ending October 31, amid the decline in the international market and an appreciation in the rupee’s value.
The petrol price was cut by Rs40 per litre, and HSD lowered by Rs15 per litre. As a result, the ex-depot price of petrol fell to about Rs284 per litre. However, the government raised the petroleum levy on HSD by Rs5, reaching a historic high of Rs55 per litre, just below the Rs60 maximum permissible limit under the law.
In the previous review on September 30, the caretaker government reduced petrol and diesel prices by Rs8 and Rs11, respectively, bringing them to 323.38 and 318.18 per liter. This adjustment was made to align with the rupee’s continued appreciation against the dollar and fluctuations in international petroleum prices.
Since reaching a record low of 307 on September 5, the rupee has strengthened by a cumulative 10.62%. Since then, the local currency continued to perform well against the US dollar. October 13, the rupee closed at 277.62 after an increase of Re0.96, according to the State Bank of Pakistan,