ISLAMABAD: Pakistan on Sunday reduced the petrol price by Rs2 per litre for the next fortnight, lowering it to Rs263.45 per litre from 1 December, according to an official notification.
The decision follows recommendations from the Oil and Gas Regulatory Authority (Ogra) and the relevant ministries.
This fortnight’s notification was issued by the Ministry of Energy (Petroleum Division), instead of the Finance Division, which normally releases the price updates.
Diesel price also reduced
The Petroleum Division stated that the price of high-speed diesel (HSD) has been cut by Rs4.79 per litre. The revised rates will remain in force for fifteen days.
In the previous review, the government had kept the petrol price unchanged but raised the HSD price by Rs6 per litre.
Decline linked to global oil prices
Officials said the latest reduction reflects lower global oil prices. Industry projections had earlier indicated a drop in ex-refinery and ex-depot rates across major petroleum products.
Forecasts suggested petrol could decline by Rs3.70 per litre, while HSD could drop by Rs4.28. Kerosene oil was expected to fall by Rs0.73 per litre, and light diesel oil (LDO) by Rs6.35 per litre.
HSD is widely used in the transport and agriculture sectors. A reduction in its price is expected to ease cost pressures.
Kerosene oil remains an important fuel for cooking in northern areas where LPG supplies are limited.
The government currently charges Rs75.41 per litre as petroleum levy (PL) and Rs2.50 per litre as marine freight (CSL) on HSD.
Petrol carries a PL of Rs97.62 per litre along with Rs2.50 per litre CSL. There is no sales tax on any of these products.
