ISLAMABAD: In a move to provide relief to the masses, the federal government has announced massive decrease in the prices of petroleum products.
According to a notification issued by the Finance Ministry, the price of petrol has been slashed by Rs 15.39, while the price of high-speed diesel sees a reduction of Rs 7.88. Additionally, the price of light diesel oil has been decreased by Rs 7.54.
Following these adjustments, the new prices stand at Rs 273.10 for petrol, Rs 274.08 for high-speed diesel, and Rs 161.17 for light diesel.
“New prices of petroleum will be effective for next fortnight from May 16,” it added.
Earlier this month, on May 1st, the government had decreased the petrol prices by Rs 5.45, along with a significant decrease of Rs 8.42 in diesel prices.
“The Oil and Gas Regulatory Authority (Ogra) has worked out the consumer prices, based on the price variations in the international market,” a statement released by the Finance Division read.
The prices of petroleum products have seen a decreasing trend in the international market during the last fortnight.
This is the second relief in a row in the current month. On May 1, 2024, the authorities had reduced the petrol price by Rs5.45 per litre to Rs288.49 per litre from Rs293.94 per litre.
Similarly, the diesel price was also reduced by Rs8.42 per litre to Rs281.96 from Rs290.38 per litre on May 1.
Globally, petrol prices have fallen showing a positive market shift with government and industrial sources saying that Pakistan refineries and oil marketing companies hoped that the consumption of petroleum products will increase from May 16 because of the latest reduction in prices and halt in influx of smuggled petroleum products from Iran in the last 10 days.
Read more: Pakistan shoots down India’s PM Narendra Modi baseless remarks
