ISLAMABAD - federal government Wednesday slashed the prices of Petrol and High Speed Diesel by Rs6.17 per litre and 10.86 per litre respectively for the first fortnightly of August 2024.
The prices of Kerosene Oil and Light Diesel Oil have also been reduced by Rs 6.32 per litre and Rs 5.72 per litre, respectively for the upcoming fortnightly of August starting today. The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market, said a statement issued by Finance Division here.
The prices of Petrol and HSD have been reduced by Rs6.17 per litre and Rs10.86 per litre respectively for the next fortnightly. With the reduction of Rs 6.17 per litre the price of Petrol will go down to Rs 269.43 from the existing Rs 275.60 per litre, while HSD following a decline of Rs 10.86 per litre will reduce to Rs 272.77 from the existing Rs 283.63 per litre.
Following the cut of Rs 6.32 per litre, the price of Kerosene will go down to Rs 177.39 per litre from the existing Rs 183.71 per litre, while LDO after a reduction of Rs 5.72 per litre will go down to Rs 160.53 from the current Rs 166.25 per litre.
However, there will be no change in the applicable taxes and duties, which will remain at the existing level. The prices of petroleum products have seen a declining trend in the international market during the last fortnight. The prices of crude oil have gone down to a little bit above $79 in the international market and were roaming between $80 and $81 per barrel.
Notably, for the first and second fortnightly of July, the federal government had jacked up the prices of Petrol and High Speed Diesel by Rs 13.62 per litre and 20.42 per litre respectively. The prices of Kerosene Oil and Light Diesel Oil were also increased by Rs 12.70 per litre and Rs 9.29 per litre during the month of July (1st to 31st July).
The new prices will be effective from August 1, till further revision.