Govt announces 10-rupee cut in petrol prices

Islamabad: The Finance Minister Muhammad Ishaq Dar on Thursday evening slashed the petrol prices by Rs10 to Rs214.80 for the next two weeks until December 31.

The new prices were announced by Finance Minister Ishaq Dar in a video address from the Finance Division in Islamabad.

Minister said that the summary send by Oil and Gas Regulatory Authority (OGRA) has been discussed with the Prime Minister Shehbaz Sharif.

As a result of the revised rates, the new prices of petrol is Rs214.80 falling from Rs 224.80. Similarly, the price of high-speed diesel (HSD) will be Rs227.80 declining from Rs235.30. The Kerosene Oil will be sold for Rs172.01 reduced from Rs182.01 per liter. The price of Light Diesel Oil (LDO) will be available for Rs169 per liter, which was being sold for Rs179.

Ishaq Dar stated that the prices have been declined amid a drop in the international oil prices. As of December 15, Brent crude futures were down 33 cents or 0.4% at $82.37 a barrel by 1453 GMT and US crude futures lost 43 cents or 0.6% to $76.85.

It is pertinent to mention that government kept the price of petrol and diesel unchanged on November 30, slashing the price of kerosene oil and light diesel oil by Rs10 per litre and Rs7.5 per litre, respectively.