Petrol price reduced by 10 rupees per litter, Ishaq Dar press conference.

Finance Minister Ishaq Dar Thursday announced that the price of petrol was being reduced by Rs10 and diesel by Rs7.5, Aaj New reported.

“The prime minister wants that we should pass maximum relief to the public and we have been implementing that since October 30,” he said in a televised address.

“According to our calculations, petrol prices — that are Rs224.80 — will be reduced by Rs10 to Rs214.8 after midnight. High-speed diesel will be decreased by Rs7.5 to Rs227.80,” the finance minister said.

Dar said that kerosene oil will now cost Rs171.38 after a decrease of Rs10 and the price of light diesel oil will be reduced by Rs10 to Rs169 per litre as well.

Prices of petroleum products are expected to fall significantly beginning this Friday, December 16, 2022, the Institute for Energy Security (IES) has projected. According to IES, the expected price drops would be significant due to the 6.60% appreciation of the cedi against the US dollar.

It said the new prices will fall to about ¢13 and ¢16 per litre for petrol and diesel, whilst Liquefied Petroleum Gas will go for about ¢12 per kilogram. Even before that, some Oil Marketing Companies (OMCs) have begun reducing prices of petroleum products at the pumps.

“With the continued price falls recorded on the international market, consumers are set to see further price relief at the pumps. The Institute for Energy Security (IES) predicts that on the back of 9.02%, 8.08% and 7.38% fall in prices of Gasoline [petrol], Gasoil [diesel] and LPG respectively, the domestic OMCs outlets are set to reduce their prices further”,