While addressing a press conference, Finance Minister Ishaq Dar said that the price of diesel would be maintained at Rs280 per litre till the next review.
Dar said that light diesel oil's price has been reduced by Rs 12 per litre to Rs 184.68 per litre, and the price of kerosene oil has been reduced by Rs 15 per litre to Rs 187.73 per litre.
https://twitter.com/MIshaqDar50/status/1630627823592304642?s=20
The new prices will come into effect from March 1 and remain in place till March 15.
The move coincides with a major drop in the price of petrol and diesel in the international market, which has allowed the government to relieve the public of the burden of inflation.
Due to a decline in the average exchange rate of Rs 8 for the upcoming price review, the rupee's recent strengthening against the dollar has also contributed to a decrease in the import price of diesel and petrol.
Responding to the news, Pakistan Muslim League-Nawaz (PML-N) Senior Vice President Maryam Nawaz said: "Thank you, Dar Sahib! Good news for people."
The country's reserves have been reduced to about $3 billion, which experts think is only enough for 16 or 17 days of imports, and the government is in a race against time to enact tax measures and come to an agreement with the International Monetary Fund (IMF).
Not only would there be a disbursement of $1.2 billion as a result of the agreement with the IMF at the conclusion of the ninth review of a $7 billion loan programme, but it would also enable inflows from friendly countries.
The country would save Rs200 billion a year, according to a number of austerity measures that Prime Minister Shehbaz Sharif outlined last week. Pakistan is fighting a severe economic crisis and is in desperate need of money.