Government cuts petrol, diesel prices for next 15 days

On Saturday, the government announced a reduction in fuel prices for the next fortnight, lowering petrol by Re1 per liter and high-speed diesel (HSD) by Rs4 per liter.

A press release from the Finance Division stated that the Oil and Gas Regulatory Authority (OGRA) reviewed consumer prices in response to recent international market fluctuations.

Under the new rates, petrol is now priced at Rs256.13 per liter, while HSD is set at Rs263.95 per liter.

In addition, the prices of light diesel oil (LDO) and super kerosene oil were reduced to Rs155.81 and Rs171.65 per liter, after cuts of Rs5.25 and Rs3.20, respectively.

Earlier informed sources had predicted an ex-depot petrol price decline of Rs2-2.50 per liter and an approximate Rs9 drop in HSD prices on February 15.

The recent decline in the benchmark Brent crude prices by $2 per barrel, along with drops of around $3 per barrel for HSD and 90 cents per barrel for petrol, contributed to these adjustments.

Furthermore, the import premium on petrol fell by $1 per barrel, while diesel’s premium remained unchanged.

These fuel price cuts are expected to ease the burden on consumers, particularly benefiting middle and lower-middle-class commuters who rely on petrol for private transport, rickshaws, and two-wheelers.