Govt slashes petrol price by Rs10 to Rs214.80 per litre

The federal government on Thursday announced a reduction in the price of petroleum products by up to Rs10.

Finance Minister Ishaq Dar said that the price of high-speed diesel (HSD) will be decreased by Rs7.5, petrol by Rs10, kerosene oil by Rs10, and light diesel oil (LDO) by Rs10.

After the reduction, the new price of HSD would be Rs227.80 per litre, petrol Rs214.80 per litre, kerosene oil Rs171.83 per liter, and LDO Rs169 per litre.

According to the details, new prices would be implemented at midnight tonight.

The reduction follows a decline in global oil prices. Brent crude prices were down 33 cents or 0.4 per cent at $82.37 a barrel as of December 15 at 1453 GMT, while US crude futures were down 43 cents or 0.6 per cent at $76.85.

After a Pakistani delegation visited Moscow earlier this week, sources indicated that Russia had confirmed the availability of 100,000 barrels of crude oil per day to Pakistan.

They also stated that a delegation from Moscow would travel to Islamabad in January to negotiate the terms of a deal, including prices and the method of payment.