Petrol price slashed by Rs6.17 per litre, diesel by Rs10.86

ISLAMABAD: The federal government on Wednesday reduced the petrol price by Rs6.17 per litre for the next fortnight after a drop in oil rates in the global markets, according to a statement issued by the PM Office. The new prices will be effective from August 1.

The Oil and Gas Regulatory Authority (Ogra) worked out the consumer prices for the upcoming fortnight, based on international prices and exchange rate variations, the notification read.

After the PM’s approval, the petrol price was fixed at Rs269.43 from Rs275.60 per litre after a reduction of Rs6.17. The new price of high-speed diesel (HSD) has come down to Rs272.77 from the existing rate of Rs283.63 per litre following a reduction of Rs10.86. The kerosene price was slashed by Rs6.32 per litre, which reduced its price to Rs177.39 from Rs183.71 per litre.

Subsequently, the light diesel oil (LDO) rate was decreased to Rs160.53 per litre as opposed to the current rate of Rs166.25 per litre following a cut of Rs5.72 per litre.

In the previous fortnightly review, the petrol price was increased by Rs9.99 per litre for 15 days, from July 16 to July 31. The rate of high-speed diesel (HSD) was also jacked by Rs6.18 per litre.

However, the petroleum development levy (PDL) has been kept unchanged despite the federal government increasing it by Rs10 per litre — from Rs60 to Rs70 — in the federal budget 2024-25.