Prices of petrol down by Rs 4.7, diesel by Rs2.5

ISLAMABAD: Ignoring recommendations by the Oil and Gas Regulatory Authority (Ogra) for up to 7.2 per cent cut in oil prices, the caretaker government on Tuesday reduced the rates of petrol and diesel by 4.6pc and 2.32pc respectively with immediate effect to pass on to consumers the impact of lower international prices.

The government also increased petroleum levy on almost all oil products to earn higher revenue and also protected comparatively higher GST on them.



According to a press release issued by oil marketing companies after approval by the government, the ex-depot price of petrol was reduced by Rs4.71 to Rs97.59 per litre from Rs102.30. Ogra had recommended a reduction of Rs7.37 per litre. The levy on petrol was increased by 27pc to Rs10 per litre from Rs7.84.

The price of high speed diesel (HSD) was fixed at Rs106.06 per litre, down by Rs2.53 from Rs108.59. Ogra had proposed a reduction of Rs6.50 per litre. The levy on HSD was increased by 81pc to Rs8 per litre from Rs4.96.

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