The federal government granted a substantial reduction in petrol prices of Rs15.39 per liter for the next two weeks, by world oil costs which is a major relief for the nation that is suffering from inflation.
Following the most recent decrease the price of petrol was lowered from Rs288.49 to Rs273.10 per liter.
Additionally the cost of high-speed diesel has dropped from Rs281.96 to Rs274.08 per liter a savings of Rs7.88.
For the upcoming two weeks, the following will be the new costs for high-speed diesel and motorspirit:
| Products | Existing price | New price | Increase/Decrease |
|---|---|---|---|
| Petrol | Rs288.49 | Rs273.10 | -15.39 |
| High Speed Diesel (HSD) | Rs281.96 | Rs274.08 | -7.88 |
Related News: Government Announces Petrol and Diesel Price
According to a statement issued by the Finance Division, “the Oil and Gas Regulatory Authority (Ogra) has worked out the consumer prices based on the price variations in the international market.”
The Finance Division sent a formal notification on Wednesday stating that the new fuel prices will take effect on Thursday, May 16.
The price of petroleum products has been declining on the international market for the last two weeks.
This is the current month’s second consecutive relief. The government lowered the price of petrol on May 1, 2024, from Rs293.94 per liter to Rs288.49 per liter.
In the same way, on May 1, the price of fuel was also lowered by Rs8.42 per liter, to Rs281.96 from Rs290.38.
Globally, the price of petrol has decreased indicating a positive shift in the market. According to government and industry sources Pakistani refineries and oil marketing companies anticipate higher oil consumption starting on May 16 as a result of the most recent price reduction and the cessation of the smuggling of petroleum products from Iran over the previous ten days.