Petrol price goes down by Rs5.45 per litre

The federal government has reduced the petrol price in Pakistan by Rs5.45 per litre for the next fortnight, according to a statement issued by the Finance Division Tuesday night. 

In a notification, the Finance Division said the new prices of petroleum products for the fortnight — starting from May 1, 2024, till May 15, 2024 — have been worked out by the Oil and Gas Regulatory Authority (Ogra).

As per the notification, the price of diesel has also been cut by Rs8.42 per litre to Rs281.96 per litre.

The prices of motor spirit (petrol) and high-speed diesel (HSD) for the next fortnight are as follows:

The Finance Division, in the statement, said that the prices of petroleum products have been reduced due to decline in crude oil prices in the global market in the past two weeks.

"The prices of Petroleum products have seen a decreasing trend in the international market during the last fortnight. Ogra has worked out the consumer prices, based on the price variations in the international market," the notification read.

It is to be noted that the government on April 15 had jacked up petrol and diesel prices by Rs4.5 and Rs8.1 per litre, respectively.

Every 15 days, the government examines and modifies petroleum product prices in response to changes in the price of oil globally and in the value of the local currency.

The expected fuel consumption and supply costs of the Pakistan State Oil, the state-owned oil corporation, as well as monthly tax targets, would be taken into consideration by the government when determining the prices of petroleum goods.