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Monday May 27, 2024

In major relief to masses, petrol price reduced by Rs15.39 per litre

Govt cuts price of high speed diesel by Rs7.88 per litre from Rs281.96 to Rs274.08

By Business Desk
May 15, 2024
A view petrol pump empty in Federal Capital. — Online/File
A view petrol pump empty in Federal Capital. — Online/File

The government has reduced the per litre price of petrol price by Rs15.39 for the next fortnight in the country, providing a major relief to the masses grappling with inflation.

The latest reduction in fuel prices came on the recommendation of the Oil and Gas Regulatory Authority (Ogra), Finance Division said on Wednesday.

Moreover, price of high speed diesel has also been slashed by Rs7.88 per litre from Rs281.96 to Rs274.08.

The new prices of motor spirit and high speed diesel for the next fortnight are as follows:

ProductsExisting price
New price
Increase/Decrease
Petrol
Rs288.49
Rs273.10

-15.39

High Speed Diesel (HSD)
Rs281.96Rs274.08
-7.88

"The Oil and Gas Regulatory Authority (Ogra) has worked out the consumer prices, based on the price variations in the international market," a statement released by the Finance Division read.

The new fuel prices will be effective from May 16 (Thursday), the statement added.

The Finance Division said that the prices of petroleum products have seen a decreasing trend in the international market during the last fortnight.

This is the second relief in a row in the current month. On May 1, 2024, the authorities had reduced the motor spirit (MS) price by Rs5.45 per litre to Rs288.49 per litre from Rs293.94 per litre.

Similarly, the diesel price was also reduced by Rs8.42 per litre to Rs281.96 from Rs290.38 per litre on May 1.

Globally, petrol prices have fallen showing a positive market shift with government and industrial sources saying that Pakistan refineries and oil marketing companies hoped that the consumption of petroleum products will increase from May 16 because of the latest reduction in prices and halt in influx of smuggled petroleum products from Iran in the last 10 days.