KARACHI, Nov 15: The Oil Companies Advisory Committee (OCAC) on Thursday reduced the prices of diesel and petrol by Rs1.50 and 60 paisa per litre, respectively.

The new prices will remain effective during the fortnight starting on Nov 16 (Friday).

The OCAC also cut the prices of other petroleum products by 1.78 to 4.42 per cent. Diesel will be available at Rs15.09 per litre, down from Rs16.59 per litre sold until Thursday.

Petrol can be filled at Rs29.66 as against Rs30.26 per litre — the rate of the just-ended fortnight.

The new price of HOBC is fixed at Rs33.71 as compared to Rs34.32 per litre, while kerosene will now cost Rs14.40 per litre from Rs14.94 per litre. Light diesel oil prices have been reduced to Rs13.40 per litre from Rs14.02 per litre, while JP-4 will cost Rs13.58 per litre as compared to Rs14.11 per litre.

The OCAC linked the price cut to the rupee’s strength against the dollar and the declining trend in finished products over the last few weeks.

President, Karachi Transport Itehad (KTI), Irshad Bukhari told Dawn he would put up the diesel price cut issue at the KTI general body meeting on Monday. The KTI chief had earlier pledged to reduce public transport fares if diesel prices came below Rs15.25 per litre.