Latest Petrol Prices in Pakistan – 16 December 2022

Finance Minister, Ishaq Dar, on Wednesday, announced that Petrol Prices in Pakistan will be reduced for the second half of the month (16 December 2022 to 31 December 2022). According to the Federal Minister, the Price of Petroleum Products, including Petrol, High-Speed Diesel (HSD), Light Diesel Oil (LDO), and Kerosene Oil have been reduced for the next fortnight starting 16 December 2022.

According to the announcement, the Petrol Price in Pakistan will has been reduced by Rs. 10 per litre, while the Price of High-Speed Diesel (HSD) has been slashed by Rs. 7.50 per litre. Meanwhile, the Price of Kerosene Oil and Light Diesel Oil (LDO) has been cut by Rs. 10 per litre for the first second half of December 2022.

This brings the new Petrol Price in Pakistan at Rs. 214.80 per litre, while High-Speed Diesel (HSD) will now be sold at Rs. 227.80 per litre. Similarly, the Price of Kerosene Oil will be Rs. 171.83 per litre, while Light Diesel Oil (LDO) will be reduced to Rs. 169.00 per litre.

Petrol Prices in Pakistan From 16 December 2022

The Latest Diesel and Petrol Prices in Pakistan will remain unchanged from 16 December 2022 for the second half of the month and next fortnight till 31 December 2022

Earlier, it was reported that Petrol Prices in Pakistan may be reduced by Rs. 15 to 30 per litre since Brent crude rates had witnessed a dip in the international market as it remained around $76 per barrel. However, Pakistan has to collect Rs. 50 per litre Petroleum Levy (PL) on both Petrol and High-Speed Diesel (HSD) as per the agreement with the International Monetary Fund (IMF).

This leaves the Government very little margin for relief as it is currently charging Rs. 50 per litre PL on Petrol and only Rs. 25 per litre PL on Diesel, which needs to be doubled to meet IMF demand. In order to keep its end of the deal, Pakistan must jack up Price of Diesel to collect the additional revenue.

It is pertinent to mention that Shehbaz Sharif-led Government had kept the Petrol and High-Speed (HSD) Diesel Prices in Pakistan unchanged during the last fortnight, except Light Diesel Oil (LDO) and Kerosene, which witnessed a cut of Rs. 10 per litre and Rs. 7.5 per litre, respectively.

Read more: PM Sasta Petrol, Sasta Diesel Relief Package – How to Apply.

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