Pakistan slashes petrol price by Rs1.50/litre

ISLAMABAD - The prices of petroleum products will decrease by up to Rs1.50per litre from September 1, announced the finance ministry in a notification on Friday.

The petrol and diesel prices have been decreased by Rs1.5/litre to Rs118.30 and Rs115.03 respectively. 

Similarly, the price of kerosene will also decrease by Rs1.50, to cost Rs86.80/litre. Light diesel oil will cost Rs1 cheaper, and it will be available for Rs84.77/litre.

According to a notification: "Despite international price fluctuations in petroleum products and anticipated increase in future prices, the government has reduced the prices in order to provide maximum relief to the consumers."

The new prices will be implemented from September 1.

A day earlier, the Oil and Gas Regulatory Authority (OGRA) had forwarded a summary to the government, suggesting a decrease by Rs3.5/litre in petrol price and Rs5 in high speech diesel price for first fifteen days of the next month.