Prime Minister Shehbaz Sharif on Saturday approved cuts in the price of petrol and high-speed diesel (HSD) by Rs1.86 and Rs3.23, respectively, for the next fortnight in a “big relief” for the masses.
A statement issued by state broadcaster PTV said the petrol price was now Rs259.1 per litre and Rs262.75 for HSD.
The price of kerosene oil was also slashed by Rs2.15 to Rs169.62 per litre and light diesel oil by Rs2.97 to Rs154.05 per litre. Prices of petrol and HSD were previously estimated to drop by around Rs5-6 per litre mainly because of the lower international market for the next fortnight starting September 1.
Informed sources had said the prices of petrol and HSD had decreased in the international market by $2 to $2.30 per barrel in the last fortnight. Officials said the average price of petrol had dropped in the international market to about $80.40 per barrel from about $82.5 per barrel. Over the last fortnight, HSD declined to about $88 per barrel from $90.3.
