Petrol price cut by Rs8/litre

ISLAMABAD: In a sigh of relief, the caretaker government on Monday reduced the price of petrol for the next fortnight by Rs8 per litre to Rs259.34 per litre.

The Finance Division notified the new prices of the petroleum products for the next fortnight starting from January 16 (Tuesday), as per the Oil and Gas Regulatory Authority’s (Ogra) recommendations.

However, the diesel rate was retained at Rs276.21 per litre. There was a reduction in kerosene oil and light diesel oil rates by Rs1.97 and Rs0.92 per litre in the fresh revision.

It emerged on Sunday that the petrol price would go down by over Rs5, while the high-speed diesel (HSD) may not witness any change in the upcoming fuel prices review, The News reported quoting sources.

As per the publication, the caretaker government may decrease the petrol price by Rs5.32 per litre from January 16. However, no change in HSD price was expected in the wake of a decrease in the prices of POL [petrol, oil and lubricants] in the international market registered in the ongoing fortnight, and the increase of rupee value against the US dollar, a senior government official told The News.

In the past fortnight, the government had maintained petrol and diesel rates at Rs267.34 and Rs276.21 per litre respectively. The price of Kerosene oil had dropped to Rs188.83 after a reduction of Rs2.19 per litre while Light Diesel Oil will be sold at Rs165.75 as the government has increased the commodity’s price by Rs1.11.