The federal government on Thursday announced a reduction in prices of petroleum products by up to Rs10.

Finance Minister Ishaq Dar, during a news conference, said that the tariffs of high-speed diesel (HSD) will be decreased by Rs7.5, petrol by Rs10, kerosene oil by Rs10 and light diesel oil (LDO) by Rs10.

He said that the new price of HSD would be Rs227.80 per litre, petrol Rs214.80 per litre, kerosene oil Rs171.83 per litre and LDO Rs169 per litre.

Dar further said that the new tariffs would be implemented from midnight tonight.

Read more: Petroleum product prices may see reduction

The Express Tribune, quoting sources, earlier reported that petrol is currently being purchased at $76 to $77 per barrel. Levy charges on petrol are Rs50 per litre, while sales tax on all petroleum products remains zero.

Sources said that the profit margin of oil marketing companies might also be increased from December 16 on petrol and diesel. They said that Rs2 might be increased on petrol and Rs1 on diesel.

Russian oil at discounted rates

Earlier this week, after a Pakistani delegation visited Moscow, sources said that Russia has confirmed the crude oil availability of 100,000 barrels per day to Pakistan, and that a delegation from Moscow would visit Islamabad in January to set the terms of a deal, including rates and mode of payment.

Read Margins, freight rates increased for OMCs

Minister of State for Petroleum Musadik Malik, who led the Pakistan delegation, told a news conference that Russia had confirmed the supply of petroleum products at a “discounted rate”. However, the state minister did not give any indication of the price.

“Russia has confirmed the availability of 100,000 barrels per day of crude oil supply but has not confirmed the rate yet which will be discussed in January,” a source in the petroleum ministry told The Express Tribune, adding that the visit was scheduled to take place on January 23, 2023.


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