Diesel price reduction announced, final notification awaited

ISLAMABAD, August 19: The government has announced a major reduction in the diesel price, with an official notification expected to be issued within the next few hours, ARY News reported.

Petroleum Minister Ali Pervez Malik, speaking at a press conference alongside Information Minister Attaullah Tarar, said the diesel price would be reduced by Rs30 to Rs32 per litre.

He said the government was working with oil refineries to provide significant relief to consumers.

Ali Pervez Malik said the ongoing war had caused difficulties for the people and the government was taking every possible step to address their problems. He said efforts were also made to provide tax relief in consultation with the International Monetary Fund (IMF).

The petroleum minister said international oil prices had increased due to the intensity of the war, while refined petroleum products had also become significantly more expensive in the global market.

He said diesel availability had also become an issue in Russia due to the war. Pakistan, however, refines a major portion of its diesel domestically.

Ali Pervez Malik said Prime Minister Shehbaz Sharif had directed the government to hold a meeting with oil refineries. The refineries accepted the prime minister’s request to help reduce the diesel price, he added.

He said the Oil and Gas Regulatory Authority (OGRA) would issue the notification for the diesel price reduction today.

The petroleum minister said the prime minister had taken the decision to provide major relief to the people and thanked the oil refineries for their cooperation.

He also urged the public to remain patient, saying the government was aware of the difficulties being faced by the people.