Following the international market trends in crude oil prices, the government has decided to slash the petrol price by Rs1 effective from February 16.
Meanwhile, the price of High Speed Diesel (HSD) has been slashed down by Rs4 making the current rate at Rs263.95 while the current rate of petrol standing at 256.13.
Superior Kerosene Oil’s price has been reduced by Rs3.20 making its current rate standing at Rs171.65 from previous Rs174.85.
While the Light Diesel Oil has been cut down by Rs5.25 making the current rate standing at Rs155.81. Previously, Light Diesel Oil’s rates stood at Rs161.06.
Earlier, media reports suggested that government would likely decrease the petrol prices because the Oil and Gas Regulatory Authority (OGRA) had submitted a summary to federal government proposing a reduction in petrol prices for the next fifteen days.
OGRA had submitted a Rs2.49 per litre decrease in price and Rs9.11 per litre decrease in high-speed diesel price.
The last petrol price update let to an increase of price by Rs1 per litre which led to current petrol price at Rs257.13 beginning from February 1st.
While rates of high speed diesel (HSD) were increased by Rs7 per litre making it Rs267.95 per litre beginning from February 1st.
It merits a mention that petroleum product prices fluctuate constantly depending on the international market rates.
Despite the decrease in petrol prices, it would have minimal effect on public transportation costs ; however, daily commuters might experience some relief in petrol rates.
