In accordance with the recommendations of the Oil and Gas Regulatory Authority (Ogra), the price of petrol in Pakistan has been reduced by Rs5.45 per liter, from Rs293.94 to Rs288.49, for the upcoming two weeks.
According to a notification released by the Finance Division on Tuesday, the new fuel prices will take effect at midnight on May 1.
In accordance with the announcement, diesel now costs Rs281.96 a liter, an additional Rs8.42 less than before.
According to a statement from the Finance Division, the drop in crude oil prices during the last two weeks on the international market has resulted in lower pricing for petroleum products.
Over the past two weeks, there has been a downward trend in the price of petroleum products on the global market. Based on price fluctuations in the global market, Ogra has calculated consumer pricing, the notification read.
It should be mentioned that on April 15, the government increased the price of gasoline and diesel by Rs. 4.5 and Rs. 8.1 per liter, respectively.
The government reviews and adjusts the price of petroleum products every fifteen days in response to fluctuations in the price of oil across the world and in the value of the local currency.
The government will set the price of petroleum products after factoring in the anticipated fuel consumption and supply expenses of Pakistan State Oil, the state-owned oil company, as well as monthly tax objectives.