Govt announces reduction in petrol, diesel prices

ISLAMABAD: The federal government on Tuesday announced a reduction of up to Rs1.50 per litre in prices of petroleum products for the next fortnight starting September 1.

According to a notification, the prices of petrol and high-speed diesel have been reduced by Rs1.50 per litre while that of light diesel by Rs1 per litre.

After the change that will be effective from 12pm midnight tonight, one litre of petrol will cost Rs118.30, high-speed diesel Rs115.03, and light diesel Rs84.77.

The price of kerosene oil has also been reduced by Rs1.50 to Rs86.80.

On Monday, the Ministry of Energy received a summary from the Oil and Gas Regulatory Authority (Ogra) seeking a downward revision in rates of petroleum products.

The regulatory authority proposed a reduction of Rs3.50 per litre in the price of petrol, Rs5 per litre in that of high-speed diesel and Rs2 per liter in the rate of light-speed diesel. It recommended a Rs3 per litre cut in the price of kerosene oil.