Petrol price reduced by Rs4.74, diesel by Rs3.86 per litre M Haris

• Petrol price comes down to Rs268.36 per litre from June 1.
• With Rs3.86 cut in diesel price, it stands at Rs270.22 per litre.
• Ogra works out prices based on rate variations in world market.

ISLAMABAD: The federal government has reduced the price of petrol by Rs4.74 per litre in its third consecutive fortnightly review in light of a drop in the rate of global oil prices.

The new price of petrol has come down to Rs268.36 per litre from Rs273.10 per litre.

Meantime, the high speed diesel also has been slashed by Rs3.86 per litre to Rs270.22 per litre from its previous price of Rs274.08 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.

In the last review, the federal government had approved a massive cut of Rs15.39 per litre in the petrol price and the price of diesel was reduced by Rs7.88 per litre.

The prices of petroleum products are revised every 15 days in Pakistan adjusting them to the trend of global oil prices and the rupee’s exchange rate to the dollar. The Pakistani rupee has held steady recently.

About 85% of Pakistan’s oil needs are imported, and the country has been struggling with a balance of payments problem and skyrocketing inflation, which was recorded at 17.3% year-on-year in April.