Petrol price reduced by Rs15.39 per litre for next fortnight

Islamabad: The federal government has announced a substantial reduction in petrol price by Rs15.39 per litre for the upcoming fortnight. This decision comes in response to the downward trajectory of global oil rates, providing a much-needed respite to consumers across the nation.

Effective immediately, the new petrol price stands at Rs273.10 per litre, down from the previous Rs288.49 per litre. Additionally, the price of high-speed diesel has been lowered by Rs7.88 per litre, now priced at Rs274.08, down from Rs281.96.

The adjustment in fuel prices is a result of meticulous calculations by the Oil and Gas Regulatory Authority (Ogra), reflecting the fluctuations witnessed in the international oil market. The Finance Division released a statement confirming the correlation between global price variations and the domestic consumer prices.

The new prices of motor spirit and high speed diesel for the next fortnight are as follows:

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The revised fuel prices, as per an official notification from the Finance Division, will take effect from May 16, 2024, providing immediate relief to consumers grappling with rising living costs.

This reduction marks the second consecutive relief measure this month, following a previous decrease on May 1, 2024. At that time, petrol prices were slashed by Rs5.45 per litre, while diesel prices saw a reduction of Rs8.42 per litre.

Globally, the decline in petrol prices indicates a positive market shift, fostering optimism among Pakistan’s refineries and oil marketing companies. It is anticipated that the latest price reduction will stimulate increased consumption of petroleum products from May 16 onwards, further bolstered by measures to curb the influx of smuggled petroleum products from Iran in recent days.