Government Announces Major Reduction in Petroleum Product Prices

  Islamabad: The federal government of Pakistan has announced a significant reduction in the prices of petrol and high-speed diesel for the next 15 days. A notification in this regard has been issued by the Oil and Gas Regulatory Authority (OGRA). According to the new prices, the price of petrol has been reduced by Rs 7.54 per liter, bringing the new rate to Rs 264.61 per liter. However, the price of high-speed diesel has been increased by Rs 1.48 per liter. OGRA had earlier submitted a summary to the Petroleum Division, and the new prices were officially approved by Prime Minister Shehbaz Sharif. The government revises petroleum prices every 15 days. Last month, the prices were increased. This time, the decision to reduce fuel prices was made in light of the downward trend in global oil prices to provide relief to the general public. In a related move, OGRA also announced a significant reduction in Liquefied Petroleum Gas (LPG) prices for August. The price of LPG per kilogram has been reduced by Rs 17.74, setting the new rate at Rs 215.36 per kg. As a result, the price of a domestic 11.8 kg LPG cylinder has been reduced by Rs 209.24, bringing it down from Rs 2,750.60 to Rs 2,541.36.