Govt reduces petrol price by Rs8 per litre, HSD by Rs11

ISLAMABAD: The caretaker government on Saturday reduced the price of petroleum products for the next fortnight.

The price of petrol has been Rs8 per litre. The new price of petrol is Rs 323.38 per litre, according to a notification by the Finance Division.

The price of High-Speed Diesel (HSD) has been reduced by Rs11 per litre and has reached Rs 318.18 per litre. The new prices will be applied immediately upon notification from midnight of October 1.

The notification said the prices were revised due to the variations in international prices of petroleum products and the improvement in the exchange rate.

The decline in petroleum prices was expected following the stability in the Pakistani rupee against the US dollar, while the price in the international has also decreased. The Ministry of Finance made the final decision on the petroleum prices after consultations with Caretaker Prime Minister Anwaar-ul-Haq Kakar.

Earlier this week, the Oil and Gas Regulatory Authority (Ogra) advised against speculating on the price of petroleum products after federal ministers claimed the petroleum rates would likely be reduced in the next fortnightly review.

Caretaker Federal Commerce and Industries Minister Gohar Ejaz and Interim Federal Minister for Information and Broadcasting Murtaza Solangi said last week that POL prices would be reduced after the rupee gained ground against the dollar.

In the last two weeks, the rupee has gained around Rs19 against the US dollar prompting the claims. OGRA said the prices of petrol will be based on the fluctuation in the international market

In the previous fortnightly review on September 15, the caretaker government had increased the price of petrol by more than Rs26 and diesel by over Rs17 per litre to Rs331.38 and Rs329.18, respectively.

The authority mentioned that petroleum product prices in Pakistan are primarily dependent on international market prices and the exchange rate of the dollar. It said there has been a surge in international petroleum prices, while the dollar-to-rupee exchange rate has shown improvement.

Also Read

Govt increases petrol price by Rs26 per litre

ISLAMABAD: The caretaker government has once again increased the price of petrol...