The government on Friday slashed the prices of petroleum products in the country by up to Rs14 for the next fortnight leading into the new year.
In a notification issued by the Ministry of Finance late on Friday, the government approved a summary moved by the Oil and Gas Regulatory Authority (OGRA) and revised the prices of petroleum products.
The price of petrol, which is used by passenger cars, was slashed by Rs14. As a result, the price of petrol fell by 5% from its pre-retail level of Rs281.34 to Rs267.34. This includes the Rs60 petroleum levy the government charges on every litre of fuel sold.
Similarly, the price of high-speed diesel used by transport vehicles such as trucks and vans was slashed by Rs13.50. As a result, its prices fell from the pre-retail level of Rs289.71 to Rs276.21. The government maintained its levy at Rs60 on every litre of fuel sold.
The new prices of Petroleum Products for the fortnight starting from 16th December, 2023, as recommended by Oil and Gas Regulatory Authority (OGRA). pic.twitter.com/ouNPFx6LfM
— Ministry of Finance, Government of Pakistan (@Financegovpk) December 15, 2023
The reduction in these two prices will greatly help the government curb inflation in the country, which had increased to a record high of 43.2% year on year.
The government also slashed the prices of Kerosene oil, which is used for cooking and other uses. Its prices were cut by Rs10.14, down 5.04% from Rs201.16 to Rs191.02.
The price of light diesel oil was also cut by Rs11.29. As a result, its price fell from Rs175.93 to Rs164.64.