ISLAMABAD: Owing to a fall in global oil prices, the government on Tues­day reduced the prices of petrol and high-speed diesel by Rs5.45 and Rs8.42 per litre, respectively, for the next fortnight.

In a late-night announ­ce­ment, the Ministry of Finance said the prices of petroleum products had decreased in the international market during the last fortnight. Therefore, it decided to revise the consumer prices of petroleum products accordingly.

On the other hand, the Oil and Gas Regulatory Authority (Ogra) also slightly decreased the price of liquefied petroleum gas (LPG) for May.

After the latest review in fuel prices, the ex-depot petrol price has been cut to Rs288.49 per litre for the next fortnight from Rs293.94, down by 1.85pc (Rs5.45 per litre).

However, petrol will be available at about Rs290 per litre in the retail market. The fuel is mainly used in private transport, small vehicles, rickshaws, and two-wheelers, and it directly affects the budget of the middle and lower middle classes.

On the other hand, the ex-depot price of high-speed diesel (HSD) has been reduced by Rs8.42 (2.9pc) to Rs281.96 per litre for the next fortnight from Rs290.38.

Last time, the government had increased the price of petrol and HSD by Rs4.53 and Rs8.14 per litre for the fortnight ending April 30.

Therefore, the new prices have almost returned to where they stood before April 15.

LPG price

Meanwhile, Ogra has slightly cut the LPG price by about 5pc, or Rs140.2, per 11.8kg domestic cylinder for the month of May.

In a notification, the oil and gas regulator set the price of LPG at Rs197.16 per kg, down from Rs257.57 in February, showing a decline of about Rs60 per kg in three months.

The 11.8kg domestic cylinder will now be available for Rs2,326.5 compared to Rs2,467 in April and Rs3,039.63 in February.

Ogra attributed the reduction in LPG price to exchange rate gain as international price of the commodity fell by 5.6pc.

Published in Dawn, May 1st, 2024