Govert Cuts Petrol Price by Rs 8, Diesel by Rs 7 per Litre

News Desk

ISLAMABAD: The federal government has reduced the prices of petroleum products, cutting petrol by Rs 8 per litre and high-speed diesel (HSD) by Rs 7 per litre.

Following the latest adjustment, petrol will now be available at Rs 338 per litre, down from Rs 346, while the price of high-speed diesel has been reduced from Rs 378 to Rs 371 per litre.

According to a notification issued by the Petroleum Division, the revised prices will remain effective until November 11.

The notification stated that the Oil and Gas Regulatory Authority (OGRA) determined the revised prices after reviewing international petroleum market rates and associated costs under the pricing mechanism established by the federal government.

The Petroleum Division said the adjustments were made in light of fluctuations in international oil prices, premiums, Platts rates and other relevant expenses.

Data shows that since July 17, petrol prices have been reduced 36 times and increased 39 times, while high-speed diesel prices have witnessed 32 reductions and 45 increases.

Earlier, on November 6, the government had announced a reduction of Rs 6.59 per litre in petrol prices and Rs 4.25 per litre in diesel prices for the period from November 7 to 10. Following that adjustment, petrol was priced at Rs 346 per litre and diesel at Rs 378 per litre.

Amid the ongoing crisis in the Middle East, the government has been reviewing petroleum prices daily, although rates remain unchanged on Saturdays and Sundays.

Meanwhile, Prime Minister Shehbaz Sharif had announced a relief of Rs 100 per litre on petrol on September 13 for motorcycle, rickshaw, ‘chingchi’ (motorised three-wheeler) and vehicle owners with engine capacities of up to 800cc to ease the burden of rising fuel costs.