Govt announces major cut in petrol, diesel prices

ISLAMABAD: The government on Saturday announced a major reduction in petrol and diesel prices for the month of March in order to provide some relief to the inflation-hit masses, reported ARY News.

The one litre price of petrol has been reduced by Rs5 to Rs111.60, while that of high speed diesel by Rs5 to 122.26.

The price of light diesel has been decreased by Rs7 to Rs77.51 per litre. The new prices will be effective from March 1.

The government slashed the price of kerosene oil by 7 rupees to 77.51 rupees.

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It is to mention here that the Oil and Gas Regulatory Authority (OGRA) had recommended a reduction in the prices of petrol and diesel.

A summary calling for a reduction of Rs6 per litre in petrol price and Rs7.50 per litre in the price of diesel was sent to the Finance Division for approval.

The recent drop in prices has been attributed to a decrease in oil prices in the international market.

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