Govt Slashes Petrol by R0.50, diesel from RS5.31 for the next fortnight

• Prices were reduced according to global oil rates.
• Gasoline will now be available for RS255.63.
• HSD was reduced by RS263.95 to Rs258.64.

ISLAMABAD: The federal government has reduced the price of petrol by R0.50 per liter for the next fortnight “in view of recent fluctuations in the international oil market”.

According to a notification issued by the Finance Division, Petrol will now be available for RS255.63 per liter, from RS256.13.

The official notice stated that new fuel prices will be effective from March 1st.

Similarly, the price of diesel diesel (HSD) has been reduced by RS263.95 to RS258.64 after a decrease in RS5.31 per liter.

“The oil and gas regulatory authority (OGRA) has reviewed and adapted consumer prices for oil products in view of recent fluctuations in the international oil market,” the notification said.

Meanwhile, the prices of other oil products have also been reduced.

The new price of kerosene oil will be RS168.12, below Rs3.53 from Rs171.65 per liter. Similarly, the price of light oil was reduced by Rs2.47 from RS155.81 to RS153.34 per liter.

Petrol is mainly used in private transport, small vehicles, rickshaws and two wheels. The highest prices of fuel significantly affect the budgets of the members of the middle and lower middle waist members, who consume mainly gasoline for movement.

On the other hand, a significant part of the transport sector is based on high -speed diesel.

Its price is considered inflationary as it is mainly used in heavy goods transport vehicles, trucks, buses, trains and agricultural machinery, such as tractors, pipe wells and threshers. High -speed diesel consumption contributes to the increased prices of vegetables and other foodstuffs.