ISLAMABAD: The federal government has lowered the price of petrol by Rs4.74 per litre in its third consecutive fortnightly review, due to a decrease in global oil prices.
The new price of petrol has decreased to Rs268.36 per litre from Rs273.10 per litre. Meanwhile, the price of high-speed diesel has also been reduced by Rs3.86 per litre, bringing it down to Rs270.22 per litre from the previous price of Rs274.08 per litre.
“The prices of petroleum products have shown a decreasing trend in the international market over the last fortnight,” states a notification from the finance ministry.
“The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market.”
The new rates, which come as a relief for the inflation-hit masses, will be applicable from 12am on June 1, a notification from the Finance Division issued on Friday read.
In the last review, the federal government had approved a massive cut of Rs15.39 per litre in the petrol price and the price of diesel was reduced by Rs7.88 per litre.
The prices of petroleum products are revised every 15 days in Pakistan adjusting them to the trend of global oil prices and the rupee’s exchange rate to the dollar. The Pakistani rupee has held steady recently.
About 85% of Pakistan’s oil needs are imported, and the country has been struggling with a balance of payments problem and skyrocketing inflation, which was recorded at 17.3% year-on-year in April.
