Pakistan reduces petrol, diesel prices; declares new fuel relief

The federal government on Saturday announced yet another cut in fuel prices, providing new assistance to customers by reducing costs of petrol and high-speed diesel.

New prices, approved on recommendations of Oil and Gas Regulatory Authority (OGRA), will be effective from August 5 (Wednesday).

A news statement published by the Ministry of Energy (Petroleum Division) said that the ex-depot prices have been reviewed and the current change has been made under the government’s petroleum pricing methodology.

The price of Motor Spirit (MS), usually called fuel, has been cut by Rs3.39 per liter. The latest drop has brought down the ex-depot price of petrol from Rs331.95 per litre to Rs328.56 per litre and brought more comfort to private motorists, commuters and enterprises that rely on petrol-powered vehicles. The cuts follow a similar review when petrol prices were also cut, maintaining a trend in domestic fuel pricing.

The government has also cut the price of HSD by Rs4.07 per litre and the new ex-depot price will be Rs385.86 per litre as compared to Rs389.93 per litre. Diesel is widely used in transport, agriculture and industry and the latest cut could assist to reduce costs for commercial carriers and farmers.

OGRA has calculated the new prices under the federal government’s petroleum pricing mechanism, the Ministry of Energy said.