government reduces diesel and petrol costs

Prime Minister (PM) Shehbaz Sharif gave his permission, and the Ministry of Finance thereafter released a statement.

The announcement states that the new price of petrol is Rs269.43 a litre, a reduction of Rs6.17 per litre. In a same vein, diesel now costs Rs272.77 per litre, down from Rs10.86 previously.

For the next 15 days, the rates of light diesel oil (LDO) and kerosene oil have also been lowered by Rs5.72 and Rs6.32, respectively, per litre. Kerosene oil was formerly priced at Rs 173.48 per litre; following the drop, it would now cost Rs 177.39.

The letter said, “During the last two weeks, the prices of petroleum products have continued to fluctuate in the international market.”

According to it, the Oil and Gas Regulatory Authority (OGRA) determines the consumer pricing for the next two weeks based on global prices and changes in exchange rates.

June 30: The price of petrol and HSD has gone up by Rs. 7.45 and Rs. 9.56 per litre during the previous two weeks. The rates of fuel and HSD increased by Rs.99 and Rs6.18 per litre, respectively, on July 16.