Govt slashes petrol, diesel prices

ISLAMABAD: The government on Wednesday slashed the prices of petrol and high-speed diesel (HSD) for the next fortnight by Rs6.17 and Rs10.86, respectively, ARY News reported.

The Ministry of Finance issued a notification following an approval from Prime Minister (PM) Shehbaz Sharif.

According to the notification, the price of petrol has been reduced by Rs6.17 per liter, making the new price Rs269.43 per liter. Similarly, the price of diesel has been reduced by Rs10.86 per liter, setting the new price Rs272.77 per liter.

The prices of kerosene oil and light diesel oil (LDO) have also been reduced by Rs6.32 and Rs5.72 per litre for the next 15 days. After the reduction, kerosene oil will cost Rs177.39 per litre against its earlier price of Rs 173.48.

“The prices of Petroleum Products have continued to fluctuate in the international market in the last fortnight,” the notification read.

The Oil and Gas Regulatory Authority (OGRA) works out the consumer prices for the upcoming fortnight, based on the international prices and exchange rate variations, it added.

In the last two fortnights, the petrol and HSD prices had increased by Rs7.45 and Rs9.56 per litre June 30. This was followed by Rs9.99 and Rs6.18 per litre increase in prices of petrol and HSD, respectively, on July 16.