The Pakistan government has decided to reduce the petrol prices in the cash-strapped country by up to ₹30 per litre. The new prices for petroleum products will take effect from May 16. Pakistan’s government says it wants to pass on the full benefit of falling international prices of petroleum products to the common people.
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However, this is not the first time the Pakistani government has decided to reduce the oil prices in the country. Earlier this month, the Pakistani government decided to reduce the oil prices in the country for the first half of May 2023.
“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,” A Pakistan government official account, pkrevenue tweeted.
Prices of petroleum products in Pakistan have been consistently rising since 2022 while the government struggles to secure the staff-level agreement (SLA) for the restart of stalled IMF bailout. Moreover, Pakistan has been witnessing sky-high inflation, a weakening currency and a slump in economic activity.
Meanwhile, to add to the already mounting troubles for the Pakistan government, IMF on May 13 asked the government to arrange USD 8 billion in fresh loans to back the external debt repayments during the next seven months for the completion of the long-stalled ninth review bailout package.
However, Pakistani Finance Minister Ishaq Dar said last week that Pakistan would not take any hard decisions on the IMF’s demands. He added that it was entirely up to the IMF to sign a staff-level agreement or not.
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