The government has announced a reduction in the prices of petrol and high-speed diesel (HSD) by Rs10.2 and Rs2.33 per litre, respectively, for the upcoming fortnight.
In a notification, the Ministry of Finance stated that the prices of petroleum products have exhibited a mixed trend in the international market over the past two weeks. The Oil and Gas Regulatory Authority (Ogra) calculated the new consumer prices based on these international market fluctuations.
The revised prices set petrol at Rs258.16 per litre and HSD at Rs267.89 per litre.
The Prime Minister’s Office described the reduction as a gift from the premier in anticipation of the upcoming Eidul Azha.
Sources previously indicated that the government intended to pass the benefits of lower international prices on to consumers.
Over the past two weeks, the prices of petrol and HSD in the international market decreased by approximately $3.75 and $2.7 per barrel, respectively. This follows a significant drop of about $12 per barrel for petrol and $8 per barrel for HSD over the prior month.
The international price of petrol has decreased to just over $90 per barrel from about $94 per barrel, while the price of HSD has fallen to $95 per barrel from $98 per barrel.
