Petrol price in Pakistan reduced by Rs 8 per liter to Rs 259.34 for the next fortnight.

ISLAMABAD: In a welcome development, the caretaker government has announced a reduction in petrol price by Rs 8 per liter to Rs 259.34 per liter for the next two weeks. 

The Finance Division has released the revised prices of petroleum products for the next fortnight effective January 16 as per the recommendations of the Oil and Gas Regulatory Authority (OGRA). Meanwhile, the price of diesel remains at Rs 276.21 per litre. 

In the latest adjustment, prices of kerosene and light diesel oil were reduced by Rs 1.97 and Rs 0.92 per litre, respectively. Previous reports had hinted at a possible cut in petrol prices by over Rs 5, while High Speed ​​Diesel (HSD) was expected to remain unchanged in the upcoming fuel price review. 

Increase/decrease in the current price of the product to the new price. 

MS (Petrol) Rs.267.34 Rs.259.34 Rs.-8 Rs

High Speed ​​Diesel (HSD) Rs.276.21 Rs.276.21 Rs.0

Kerosene 188.83 Rs 186.86-1.97 Rs

Light Diesel Oil 165.75 Rs 164.83 -0.92 Rs

According to official sources, the caretaker government considered the strengthening of the rupee against the US dollar as well as the decline in international prices of petrol, oil and lubricants (POL) during the current fortnight. Consequently, petrol prices were expected to decrease by Rs 5.32 per liter from January 16, while HSD prices were expected to remain stable. 

In the last two weeks, the government had kept the prices of petrol and diesel at Rs 267.34 and Rs 276.21 per litre, respectively.