ISLAMABAD, Oct 31: The government has reduced the prices of petrol and diesel by Rs5 and Rs4 a litre, respectively. Petrol will now sell at Rs76.66 and diesel at Rs64.68.

The new prices will be effective from Nov 1 till Nov 15.

According to a notification issued by the Oil and Gas Regulatory Authority (Ogra) on Friday, jet fuel (JP-1) price for domestic and foreign airlines has been slashed by Rs8.85 per litre to Rs50.9. For commercial, cargo and technical flights, the price has been reduced by Rs2.63 a litre to Rs43.88.

The price of JP-4 has been cut by Rs12.6 per litre to Rs42.66 and that of JP-8 (ex-Parco) by Rs8.77 to Rs57.01.

Prices of kerosene, HOBC (high octane blending component) and light diesel oil will remain unchanged. With the price of crude having declined considerably over the past few weeks, the government is now earning Rs30.23 per litre Petroleum Development Levy (PDL), compared to Rs25.07 it was getting earlier.

The government has also increased the PDL on light diesel from Rs3.27 per litre to Rs12.23.