Government Announces Minor Reductions in Petroleum Prices, Petrol Drops to Rs389.14 and High-Speed Diesel to Rs424.04 Per Litre
ISLAMABAD: The price of petroleum products has been marginally revised downwards, according to the federal government, and the new rates will go into effect September 19 through September 21.
The price of high-speed diesel (HSD) has been cut by Re0.88 per litre, making its new consumer price Rs424.04 per litre, according to the official notification issued by the Oil and Gas Regulatory Authority (OGRA). The petrol prices have also been dropped by Rs1.65 per litre making the current price Rs389.14 per litre.
Relationship to global markets and short time validity.
It was announced by the Petroleum Division that domestic prices of petroleum products are directly tied to international market reference prices for refined oil products. The new price changes have been finalized, taking into account fluctuations in the world market and related shipping and procurement costs.
It is confirmed that the newly notified prices are to be effective, at least for a short duration for the three day period from 19.9.2016 to 21.9.2016, by OGRA, said sources.