The federal government has reduced the prices of petroleum products by up to Rs7.01 per litre on the proposal of the Oil and Gas Regulatory Authority (OGRA).
According to a notification released in this regard on Wednesday, the Finance Division has lowered the price of petrol by Rs5 to Rs140.82 per litre, while the price of diesel has been brought down by Rs5 to Rs137.62 per litre, light diesel by Rs7.01 to Rs107.06 per litre and the rate of kerosene by Rs7 to Rs109.53 per litre.
The development comes as the price of crude oil registered a worldwide decline recently.
Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin, while commenting on the situation earlier in the week, had said that following the drop in prices in the global market, petrol prices in Pakistan would also undergo a reduction.
On Tuesday, it was reported that OGRA had proposed a reduction in prices of POL products by Rs8 to Rs10 per litre.
It may be recalled that in November, the government announced of maintaining prices of petroleum products for the December 1 to December 15 period.
