Petrol price cut by Rs 2 to Rs 263.45 per liter for next fortnight

• The price of high-speed diesel was reduced by Rs 4.79 to Rs 279.65 per litre.
• The revised rates will remain in effect from December 1 to 15.
• The government revises the prices based on Ogra’s recommendations.
  

The federal government has reduced the price of petrol by Rs 2 per liter for the next fortnight, with effect from December 1, following recommendations by the Oil and Gas Regulatory Authority (Ogra) and line ministries.

The price of petrol has been set at 263.45 rubles per liter for the next fortnight, the Petroleum Directorate said in a statement on Sunday.

Similarly, the price of high speed diesel (HSD) registered a fall of Rs 4.79 to Rs 279.65 per litre.

The News had reported on Saturday an expected drop in oil prices, citing industry and government sources.

Preliminary calculations had suggested a cut of Rs 3.70 per liter in petrol price and Rs 4.28/litre in HSD price.

The expected relief was attributed to increased global supplies after the revival of several units at Kuwait’s Al-Zour refinery, one of the largest refining complexes in the Gulf region.

Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers. Higher fuel prices have a significant impact on the budgets of members of the middle and lower middle classes, who mainly use gasoline for their transportation.

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

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

The consumption of high-speed diesel is a major contributor to the increased prices of vegetables and other food items.