Govt slashes petrol price by Rs15.39/litre

ISLAMABAD   -   The federal government on Wednesday slashed the prices of Petrol and High Speed Diesel by Rs 15.39 per litre and Rs 7.88 per litre, respectively for the second fortnightly of May 2024.

The prices of Kerosene Oil and Light Diesel Oil have also been reduced by Rs 9.86 per litre and Rs 7.54 per litre for the next fortnightly starting from May 16,2024. The prices of petroleum products have seen a decreasing trend in the international market during the last fortnight. The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market, said a notification issued here by the Finance Division. The prices of Motor Spirit (Petrol) & HSD for the next fortnight, starting from 16th May, 2024, are accordingly being lowered by Rs15.39 per litre and Rs 7.88 per litre respectively, said the notification. Following the reduction of Rs 15.39 per litre, the price of Petrol will decline to Rs 273.10 per litre from Rs 288.49 per litre. Similarly, the price of HSD will go down to Rs 274.08 per litre from existing Rs 281.96 per litre f following a reduction of Rs 7.88 per litre. After a decline of Rs 9.86 per litre the price of Kerosene oil will reduce to Rs 173.48 per litre from the existing Rs 193.08 per litre. Similarly, after the decrease of Rs 7.54 per litre the price of LDO will go down to Rs 161.17 per litre from the existing Rs 168.71 per litre. It is noteworthy here that the prices of crude oil have decreased in the international market during the First fortnightly of May and currently roaming around $82 per barrel. The federal government is currently charging Rs 60 per litre Petroleum Levy on both Petrol and HSD. Currently, no General Sales Tax is being charged on Petrol and HSD. The new oil prices will be effective from May 16 till further revision. Notably, the government had slashed the prices of Petrol and High Speed Diesel by Rs5.45 per litre and Rs 8.42 per litre, respectively for the first fortnightly of May 2024. The prices of Kerosene Oil and Light Diesel Oil were also reduced by Rs 8.74 per litre and Rs 5.63 per litre for the previous fortnightly.

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