Govt cuts petrol price by Rs10 per litre, diesel by Rs13.6

The federal government has announced a reduction of Rs10 per litre in the petrol price as fuel rates in the international market dropped during the past fortnight.

According to a statement by the Finance Division: “The Oil and Gas regulatory Authority (Ogra) has worked out the consumer prices of petroleum products, based on the price variations in the global market.”

The price of high-speed diesel (HSD) has been reduced from Rs262.75 to Rs249.69 after a cut of Rs13.06 per litre.

The new prices are effective from today.

The latest reduction in fuel prices comes as the fourth consecutive price cut in two months.

The government had cut the price of petrol by Rs1.86 per litre, from Rs260.96 to Rs259.10 per litre in the last fortnightly review.

Petrol is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers. Higher fuel prices significantly impact the budgets of the members of the middle and lower-middle classes, who primarily consume petrol for commuting. On the other hand, a significant portion of the transport sector relies on high-speed diesel.

Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.