ISLAMABAD (Agencies): In a significant move, the caretaker government of Pakistan has announced a substantial reduction in the prices of petrol and high-speed diesel (HSD) for the next two weeks. The Ministry of Finance released a notification, revealing a reduction of Rs14 per litre for petrol and Rs13.5 per litre for HSD.

As per the latest adjustment, the new price for petrol stands at Rs267.34 per litre, while HSD is priced at Rs276.21 per litre. Additionally, the prices of kerosene oil and light-diesel oil have been reduced by Rs10.14 and Rs11.29 per litre, respectively, bringing them down to Rs191.02 and Rs164.64.

Officials had anticipated this price revision, attributing it to the decline in international market prices over the past fortnight. The international prices of HSD and petrol witnessed a nearly five percent decrease during this period. Furthermore, a slight strengthening of the Pakistani rupee against the US dollar contributed to the reduction in domestic prices.

The State Bank of Pakistan reported a settlement of the dollar at Rs283.51 on Thursday, with the market maintaining stability despite challenges faced by importers in opening letters of credit.

In a separate statement, the State Bank revealed a $21 million increase in foreign exchange reserves to reach $7.04 billion by the week ending on December 8. The central bank has actively engaged in purchasing dollars from the interbank market to maintain reserves above the $7 billion level.

The reduction in fuel prices aligns with the caretaker government’s efforts to provide relief to consumers amid economic challenges. The move is expected to have a positive impact on the overall cost of living, providing some respite to the public.

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