Govt slashes petrol price by Rs5 per litre

ISLAMABAD: The federal government on Tuesday slashed the prices of petrol by up to Rs5 per litre effective from March 1, 2022, ARY News reported.

In a televised address to nation, Finance Minister Ishaq Dar said that the federal government has slashed petrol prices by Rs5 per liter, reducing it to Rs267 per liter from existing Rs272 per liter.

Ishaq Dar noted that the price of high-speed diesel (HSD) would remain unchanged at Rs280 per litre.

The prices of Kerosene oil have been reduced by Rs15 per litre, from Rs202.73 per litre to Rs187.73 per litre whereas that of Light Diesel Oil has been reduced from Rs196.69 per litre to Rs184.68 per litre, a decline of Rs12.

The new prices will come into effect from 12am (tonight, March 1) and remain in place till March 15.

Earlier in February,  the federal government jacked up the price of petrol by Rs22.20 per litre in a bid to appease the International Monetary Fund (IMF) for reviving $7 billion Extended Fund Facility (EFF).

The rate of petrol was increased to Rs272.00 per litre from Rs249.80 per litre.

Meanwhile, the price of high-speed diesel (HSD) has been increased by Rs17.20 per litre to Rs280.00. The price of kerosene has been increased by Rs12.30, after which the new price of kerosene oil has become Rs202.73 per litre. Similarly, the price of light diesel has been increased by Rs9.68 to Rs196.68 per litre.