ISLAMABAD: The good news for the inflation-hit masses is that the government has approved a massive cut in the prices of petroleum products by upto Rs 15.39 per litre for the second half of May 2024.
As per details, Oil and gas Regulatory Authority (OGRA) on Wednesday forwarded a summary regarding oil prices for the second half of the ongoing month of May 2024. And, the Prime Minister Shehbaz Sharif, late Wednesday night, approved huge relief in the per litre price of petroleum products.
According to new oil prices, the price of High-Speed Diesel (HSD) has been reduced by Rs7.88 per litre to Rs 274.08 and the price of petrol has also been slashed by Rs 15.39/litre, taking the new rate to Rs273.10 per litre.
These updated prices will take effect from May 16, 2024.
Moreover, the price of kerosene oil decreased by Rs 9.86/litre to Rs 173.48/litre and the price of light diesel oil (LDO) decreased by Rs 7.54 paise to Rs 161.17 paise.
On May 1, the government had decreased the petrol price by Rs5.45 per litre, and HSD by Rs 8.42 per litre for the first fifteen days of May 2024.
Finance Division, in a statement, said,” the prices of petroleum products have seen a decreasing trend in the international market during last fortnight. The OGRA has worked out the consumer price, based on the price variations in the international market.”
The government is imposing a petroleum levy of Rs60 per litre on both petrol and HSD, with an expected revenue of Rs936 billion for the current fiscal year, surpassing the budgeted target of Rs869 billion.
