Islamabad: Finance Minister Ishaq Dar announced that the Government of Pakistan has decided to maintain the prices of petrol and diesel for the next fortnight.
The finance minister acknowledged that the regulatory authorities had recommended an increase in the prices of both the petroleum products.However, after consultations with Prime Minister Shehbaz Sharif, the ministry has decided to keep the prices stable.
To provide some relief to the masses, the government has also decided to lower the prices of kerosene oil and light diesel oil by Rs10 per litre. The new prices, which will come into effect at midnight, will be Rs177.73 per litre for kerosene oil and Rs174.68 per litre for light diesel oil. These prices will remain effective till April 15.
The decision comes at a time when Pakistan is grappling with historic inflation, with rates currently standing at 31.55%, the highest in nearly 50 years. The rising fuel prices have added to the burden, with Pakistan heavily reliant on imports to meet its oil needs. Furthermore, the depreciating value of the rupee against the dollar has also contributed to the surge in fuel prices.