Govt ends hike streak, cuts petrol price
ISLAMABAD:
The federal government on Thursday announced a reduction in the price of petrol by Rs7.54 per litre for the next 15 days, bringing the new rate down to Rs264.61 per litre.
According to a notification issued by the Finance Division late Thursday night, petrol prices have been decreased, breaking the upward trend in recent hikes. However, the price of high-speed diesel (HSD) has been increased by Rs1.48 per litre.
The price of petrol has been reduced from Rs272.15 to Rs264.61 per litre, while HSD now costs Rs285.83 per litre, up from Rs284.35.
This revision will take effect immediately from Aug 1 for next 15 days.
The government stated that the revised prices were made following a review of prevailing market trends and based on recommendations from OGRA and relevant ministries.
Fuel prices in Pakistan are reviewed on a fortnightly basis, with adjustments reflecting changes in international oil prices and the local currency exchange rate.
In the previous fortnightly review, the government had increased petrol by Rs5.36 per litre, setting the price at Rs272.15, while diesel had gone up by Rs11.37, reaching Rs284.35 per litre.
Earlier, the Oil and Gas Regulatory Authority (OGRA) on Thursday announced a significant reduction in the price of Liquefied Petroleum Gas (LPG), issuing an official notification to this effect.
According to the notification, the price of LPG has been reduced by Rs17.74 per kilogram, bringing relief to domestic consumers. The cost of an 11.8kg household cylinder has been slashed by Rs209.24.
For the month of August, the new price of an LPG domestic cylinder has been set at Rs2,541.36, compared to Rs2,750.60 in July. OGRA stated that the per kilogram price of LPG has been revised down to Rs215.36 for August, compared to Rs233 per kg last month.
