Govt cuts petrol price for next fortnight

ISLAMABAD: The federal government Monday announced decreasing the price of petrol by Rs12 per litre to Rs272 per litre after a fall in the international oil rate.

In a televised address, Minister for Finance and Revenue Senator Ishaq Dar said the rates would come into effect at 12am tonight and remain in place for the next fortnight.

The rates of petroleum products (POL) have been slashed by up to RS30 per litre, as the government "tries to give relief to the masses during every fortnightly review", the minister said.

The finance minister appealed to the transporters to provide "fair" relief to the masses in light of the price reduction as the POL products rate affects a host of other commodities.

The appeal came as the cash-strapped nation faces runaway inflation, which remains at a historic high of 36.4% — the fastest in South Asia, even leaving behind the defaulted nation of Sri Lanka.

"In view of the declining price trend of petroleum products in the international market, Government has decided to reduce the existing prices of petroleum products in order to pass on the benefits [...] and provide maximum relief to the masses," the Finance Division said in a statement later.