Prime Minister Shehbaz Sharif has approved a significant decrease in the prices of petroleum products, with the government announcing a reduction of over 13 rupees per liter for petrol and diesel.
According to the announcement, the price of petrol will be reduced by 10 rupees, and diesel by 13 rupees and 6 paisa per liter. The Ministry of Finance stated that the adjustment in petroleum prices was made in light of global market trends, based on recommendations from the Oil and Gas Regulatory Authority (OGRA).
The price cuts will be effective for the next 15 days, starting from 12:00 AM tonight.
According to the Ministry of Finance's notification, the price of petrol has been reduced by 10 rupees per liter, bringing it down to 249.10 rupees per liter. Similarly, high-speed diesel (HSD) will see a decrease of 13 rupees and 6 paisa per liter, bringing its new price to 249.68 rupees per liter.
The price of kerosene has also been reduced by 11 rupees and 15 paisa per liter, making the new price 158.47 rupees per liter. Additionally, light diesel has been reduced by 12 rupees and 12 paisa per liter, now priced at 141.93 rupees per liter.
In the international market, the average price of petrol has dropped from 81 dollars per barrel to below 76 dollars per barrel, while the price of high-speed diesel has decreased from 88.5 dollars per barrel to approximately 83 dollars per barrel over the last 15 days. During this period, the import premium on petrol and HSD remained stable at 8.5 and 5 dollars per barrel, respectively, and the exchange rate also stayed steady, contributing to the potential for price reductions.
It's worth noting that the government has made several adjustments to petroleum product prices over the past few months.
Previously, on August 31, the federal government had announced a reduction of 1.86 rupees per liter for petrol and 3.32 rupees per liter for diesel.
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