ISLAMABAD (The Thursday Times) — Pakistan has cut the price of petrol by Rs9.41 a litre to Rs352.59 and diesel by Rs5.56 a litre to Rs382.25, with the new rates taking effect on Friday, November 6, according to the Oil and Gas Regulatory Authority.
It is the fourth cut in a row under the daily pricing formula. Together, the four moves have taken Rs25.32 a litre off petrol and Rs20.71 off diesel, which stays nearly Rs30 a litre dearer than petrol.
World oil prices fell to a two-month low this week. The government has been levying Rs114 a litre in taxes and duties on petrol and Rs100 on diesel. Under a 30-day arrangement announced on Monday, refineries are to bear Rs15 billion, which the government says takes Rs14.71 a litre off petrol.
Petrol peaked at Rs458.41 a litre and diesel at Rs520.35 on April 3, during the war with Iran.
