Abb Takk News

Karachi: The federal government has slashed the prices of petrol and diesel by Rs10.20 per litre and Rs2.33 per litre respectively, the Prime Minister’s Office said on Friday.

The decision was announced as day before the fortnightly revision, which was scheduled for June 15.

Federal Minister for Information Attaullah Tarar confirmed the development, saying that the new petrol prices will be effective from midnight (June 15).

The new prices of petrol and diesel after the reduction are Rs258.16 and 267.89 respectively.

Two weeks ago, the prime minister promised substantial relief, saying his administration would cut the costs of petrol and diesel by Rs15.4 and Rs7.9, respectively.

However, the notification released by the finance division surprised everyone, as it only reduced the per liter prices of petrol and diesel by Rs4.74 and Rs3.86.

“The prices of Petroleum products have seen a mixed trend in the international market during the last fortnight,” said the finance division in the latest notification. “The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market.”

“On the occasion of Eid Al-Adha, Prime Minister Muhammad Shehbaz Sharif announces a major Eid gift for the public,” the govt announced in a social media post. “There is a significant reduction in the price of petrol by 10 rupees and 20 paise per liter, and a decrease in the price of diesel by 2 rupees and 33 paise per liter.”

“So far, a total relief of 35 rupees per liter on petrol has been provided to the public,” it added.

The fuel prices have been witnessing a downward trend and have been reduced thrice consecutively in the past one-and-a-half-month in light of a drop in the rate of global oil prices.