The federal government has decreased oil prices by up to Rs. 5 per liter.
Finance Minister Asad Umar made this announcement on Friday while addressing a press conference in Islamabad. He said the prices were reduced due to the lower cost in the international market.
“The government wants to pass on the lesser burden to the people and as much relief as possible,” said the minister.
He maintained that the prices of petrol and diesel were determined after considering the costs at the time the ships left ports after loading.
“Two ships of petrol and diesel arrived last month,” said Umar.
“In October, when we got the recommendation, the international market was high, and the value of the currency had fallen. So, according to OGRA, the prices were supposed to increase.”
But, the government rejected OGRA’s summary to give relief to the masses, the minister added.
Finance Minister announced to cut prices of diesel and petrol by Rs. 2 per liter and a Rs. 3 per liter decrease in the rates of kerosene oil.
Whereas, the prices of light diesel have been decreased by Rs.5 per liter.
Umar was hopeful that the prices of diesel and petrol would further come down next month.
Revised oil prices will come into effect from 12 am tonight.
The minister, while shedding light on the reasons of sudden increase in the dollar’s value against the rupee, said it was because the government gave subsidies to foreign investors at the expense of Pakistan’s taxpayer.
He lambasted the previous government for deteriorated financial situation and said that the PML-N government artificially maintained the value of rupee-dollar exchange rate.