Govt cut petrol price by Rs4.74

The federal government has reduced the price of petrol by Rs4.74 per litre in its third consecutive fortnightly review.

Now the per liter petrol has come down to Rs268.36 from Rs273.10.

Moreover, the price of the high speed diesel has also has been cut by Rs3.86 per litre. It is now being retailed Rs270.22 per litre.

“The prices of Petroleum products have seen a decreasing trend in the international market during the last fortnight, states a notification from the finance ministry.

“The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market.”

The new rates, which come as a relief for the inflation-hit masses, will be applicable from 12am on June 1, a notification from the Finance Division issued on Friday read.