The federal government on Wednesday reduced the prices of petrol and high-speed diesel by Rs2.04 and Rs6.47 per litre, respectively, for the next fortnight.
According to a notification from the Ministry of Finance, the new prices of petrol and HSD are Rs281.34 and Rs296.71. Meanwhile, the prices of kerosene oil and light-diesel oil were reduced by Rs6.05 and Rs9.01 per litre, respectively, to Rs204.98 and Rs180.45.
Informed officials had earlier predicted that the prices of petrol and HSD would decline by Rs8 to Rs10 per litre each, mainly due to lower prices in the international market.
The officials had said that the international prices of both HSD and petrol had fallen over the past two weeks. However, the rupee had depreciated against the dollar during the same period, reducing the benefit of lower international prices for consumers.
For price calculations, officials said that HSD had become about $9 per barrel cheaper on average, down from about $113 to $104, during the week, while the price of petrol had dropped by a dollar from $91 to $90.
