The government has announced a reduction in the prices of petroleum products. The prices were increased regularly for the past several months. Oil and Gas Regulatory Authority (Ogra) had recommended a reduction of Rs 5.26 per liter in petrol prices.
However, the government computed its own discount and announced to bring down the petrol prices by just Rs 2.07 per liter. The price of high-speed diesel (HSD) was updated as well.
Here are the new prices for diesel and petrol that are already effective in the market;
- New price for petrol is set at Rs 86 per liter coming down from Rs 88.07.
- High-Speed Diesel now costs Rs 96.45 per liter after a reduction of Rs 2.00.
- The prices for light-diesel oil and kerosene oil remained unchanged.
- The prices for kerosene oil and light-speed diesel are set at Rs 76.46 per liter and Rs 65.30 per liter respectively.
Before this decrease, the prices have continuously been going up in the past few months. Last month’s hike in petrol prices put the per liter value of petrol at its highest in the last three years.
The last twelve months saw a major bump in petrol prices. Per liter price of petrol went up from Rs 71 to Rs 88 in just one year.
Diesel and kerosene oil also witnessed major price hikes over last one year. Diesel’s price touched Rs 98 as compared to Rs 81 in 2017 while kerosene oil increased from Rs 44 per liter to stand at Rs 76.
The latest reduction in prices is due to the decrease of crude oil prices in the international market.
Updated prices will remain effective for the month of April. OGRA will review the prices at the end of the month and update them accordingly for the next month.