In the wake of a significant reduction in fuel prices, Caretaker Prime Minister Anwaarul Haq Kakar on Monday issued directives to federal and provincial authorities to implement a stringent price control mechanism.

This move comes as part of the government's commitment to alleviate the financial burden on the citizens of Pakistan.

In a recent statement posted on X (formerly Twitter), Prime Minister Kakar called upon all provincial chief ministers to collaborate in ensuring a corresponding reduction in the prices of essential commodities and services.

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

The premier emphasised that it is imperative to pass on the benefits of the lowered petroleum prices to the people of Pakistan and underscored the importance of rigorous enforcement of the measures.

Petrol price slashed by Rs40

Earlier, the interim government on Sunday night slashed the price of petrol by Rs40 per litre and high-speed diesel by Rs15 per litre for the next fortnight.

The finance ministry in a notification stated that "Owing to the decreasing trend of Petroleum prices in the international market and due to appreciation of the Pak Rupee against the US dollar, the government has decided to revise the existing consumer prices of petroleum products."

Following the significant drop, the new price of petrol is Rs283.38 per litre and Rs303.18 per litre for HSD, it added.

The notification further stated that the new prices will come into effect from 12am (tonight, October 16) and remain in place till October 31.