Government reduces petrol price by Rs 2.41

The newly elected government of Pakistan, in its first official notification on petroleum products, has decided to reduce the price of petrol by Rs 2.41 per liter, with changes taking effect from Saturday onwards, the first day of the new month.

According to the Ministry of Finance, the new price of petrol will be Rs 92.83 per liter, down from Rs 95.24 up till now.

Price of High-Speed Diesel (HSD) has similarly been decreased by Rs 6.35 per liter, the largest reduction among all the repriced petroleum products, bringing the new price down to Rs 106.57 per liter from Rs 112.94 previously. HSD is in high demand among the transport sectors, as well as agriculture.

Price of kerosene oil has similarly fallen by 46 paisas as the government set the new price at Rs 83.50 per liter, down by 0.55%.

According to the ministry, the approval was granted by Prime Minister Imran Khan, on the recommendation of the Oil and Gas Regulatory Authority (OGRA).

The OGRA, on Thursday, had submitted a summary to the Petroleum Division of the Ministry of Finance, in a bid to recommend price reduction of at least Rs 2 per liter for petrol, in addition to a price reduction for other petroleum products under the monthly readjustment formula.

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