ISLAMABAD: Pakistan has slashed the price of petrol for the next fortnight by Rs6.17 [$0.022] per liter to Rs269.43 [$0.97] per liter, the country’s finance division confirmed on Wednesday.
In a notification, the finance division announced it has also decreased the price of high speed diesel by Rs10.86 [$0.039] per liter to bring it to Rs272.77 [$0.98] per liter.
“The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices of Petroleum Products, based on the price variations in the international market,” the notification read.
Pakistan increased the prices of petroleum products by Rs9.99 [$0.036] and high speed diesel by Rs6.18 [$0.022] per liter on June 30.
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The fuel prices had been increased after Pakistan and the International Monetary Fund reached an agreement for a $7 billion, 37-month loan program that comes with tough measures.
The latest decrease will be a slight relief for the masses in a country where petroleum and electricity prices have been the key drivers of high inflation.
Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.