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Friday, July 19, 2024  
12 Muharram 1446  

Govt keeps petrol price unchanged, slashes HSD by Rs7

Rates of Kerosene oil, light diesel oil were cut by Rs3.82 and Rs4.52 respectively
Attendants fill vehicles at a gasoline station in Islamabad, Pakistan, on May 5, 2019. AFP
Attendants fill vehicles at a gasoline station in Islamabad, Pakistan, on May 5, 2019. AFP

The caretaker government announced on Thursday that the petrol price would remain unchanged at Rs281.34 for the next fortnight while the diesel price was slashed by Rs7 per litre to Rs289.71, following a fall in the international oil rates.

Moreover, the rate of kerosene oil was cut by Rs3.82 per litre to Rs201.16 while the price of light diesel oil was decreased by Rs4.52 per litre to Rs175.93.

Earlier in the day, the government cut the price of liquefied petroleum gas (LPG) by 1.5%. The notification indicated a Rs45.18 rise in the rate of domestic cylinders.

Earlier this month, the government slashed the prices of petrol and diesel by Rs2.04 and Rs6.47, respectively, following a fortnightly revision.

Oil prices fell on Thursday after rising by more than 1% earlier in the session after OPEC+ oil producers agreed to voluntary output cuts approaching 2 million barrels per day (bpd) for early next year, with each country announcing separately its voluntary cut.

Brent crude futures for January fell by 50 cents, or 0.6%, to $82.60 a barrel by 11:30 a.m. EDT (1630 GMT). The front-month Brent contract, down about 6% on the month, expires later on Thursday.

The more liquid February contract was down $2.54, or 3.1%, at $80.34.

US West Texas Intermediate crude futures fell by $2.63, or 3.4%, to $75.24, and is down about 9% on the month.

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