Pakistan cuts petrol prices by ₹8, slashes diesel by ₹11

Pakistan economic crisis: Petrol prices dropped by 8 rupees to 323.38 rupees a litre, while diesel prices dropped 11 rupees to 318.18 rupees a litre.

Pakistan on Saturday cut the prices of petrol and diesel from a record high, after two consecutive raises.

A worker holds a fuel nozzle to fills fuel in a car, after the government announced the increase of petrol and diesel prices, at petrol station in Karachi, Pakistan September 16, 2023.(REUTERS)

Petrol prices dropped by 8 rupees to 323.38 rupees a litre, while diesel prices dropped 11 rupees to 318.18 rupees a litre, according to a finance ministry statement.

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Pakistan is facing an unprecedented economic crisis with skyrocketing inflation amid price rise on fuel and food fronts.

The country finally managed to consolidate its foreign exchange reserves with the approval in mid-July of a $3 billion loan from the International Monetary Fund (IMF) and additional assistance from China, Saudi Arabia and the United Arab Emirates.

However, one of the conditions of the IMF bailout was an end to subsidies on energy, leading to a sharp rise in the cost of electricity, which affects the competitiveness of textile companies.