PM Kakar orders passing on benefit of oil price cut to masses

ISLAMABAD: Caretaker Prime Minister Anwarul Haq Kakar has issued orders to enforce a strict mechanism to regulate and bring down prices of essential commodities after a substantial cut in prices of petroleum products.

In a tweet, Kakar said: “Consequent to substantial reduction in fuel prices, I have directed the concerned authorities at federal and provincial level to activate a strict price control mechanism. I urge all honorable chief ministers to ensure that prices of essential commodities and services are reduced correspondingly. All efforts should be directed towards transferring the benefit of reduction in petroleum prices to the people of Pakistan. Strict implementation be ensured.”

Consequent to substantial reduction in fuel prices, I have directed the concerned authorities at Federal and Provincial level to activate a strict price control mechanism. I urge all honorable Chief Ministers to ensure that prices of essential commodities and services are reduced…

— Anwaar ul Haq Kakar (@anwaar_kakar) October 16, 2023

Earlier, the caretaker government cut domestic petrol and diesel prices by up to Rs40 per litre on Sunday night, following a decline in global oil prices and a strengthening of the local currency.

The Ministry of Finance said that the government has also slashed the price of high-speed diesel by Rs15 and the price of kerosene oil by Rs22.69.

“Announcing the updated prices of petroleum products via its official X handle (formerly known as Twitter), the Ministry of Finance said that petrol now costs Rs283.38 per liter, while the price for High-Speed Diesel (HSD) stands at Rs303.18 per liter.”

The new prices will remain effective from October 16 for the next fortnight.

The government said the price cuts were aimed at providing relief to the public and easing inflationary pressure.