Govt Slashes Petrol and Diesel Prices for July 2023

The government on Saturday slashed petrol and diesel prices for July 2023. The prices of these two products have been reduced for the second half of July.

It decided to reduce the prices of key petroleum fuel for the next fortnight up to July 31, by enhancing the Petroleum Development Levy (PDL) despite the promise made to the IMF.

The finance minister Senator Ishaq Dar made the announcement on the state-run television late at night that the prime minister had issued directives not to implement the second part of PDL scheduled for a fortnight for July 16–31.

The price of petrol has been reduced by Rs9 per litre to Rs253. Its price in the last fortnight was Rs262 per litre.Petrol price may come down by Rs 10 per liter

Similarly, the price of High Speed Diesel (HSD) has declined by Rs7 to Rs253.50 per litre. HSD was Rs260.50 per litre in the previous fortnight.

The minister said that the international fuel market had been fluctuating during the outgoing fortnight between July1-15.

“There was an increase in one product and decline in the other,” Senator Dar said adding, “But the strengthening of the Rupee against the dollar had offset the price increase.”

He said that as per the agreement with the IMF the first phase of PDL was implemented on July 1, however, the second phase scheduled to be added to the fuel price during the second fortnight of the month will not be implemented.

“So now the PDL is not passed on to the consumers,” the finance minister said.