ISLAMABAD (The Thursday Times) — The government has cut the price of petrol by Rs2 a litre to Rs330 from Saturday, November 14, while leaving high-speed diesel unchanged at Rs360, the fourth reduction in petrol prices in as many days.
The Oil and Gas Regulatory Authority said in a press release on Friday that the prices had been worked out under the pricing mechanism approved by the federal government. The new rates will remain in force until Monday, November 16, according to reports.
The cut follows a reduction of Rs3 on petrol and Rs4 on diesel that took effect on Friday, November 13, a Rs3 cut on petrol and Rs7 on diesel that took effect on November 12, and a cut of Rs8 on petrol and Rs7 on diesel on November 11.
Four cuts in four days
Taken together, the four reductions bring petrol down by Rs16 a litre, from Rs346 to Rs330, or about 4.6%. Diesel is Rs18 cheaper than last week, at Rs360 against Rs378, though it was left unchanged this time.
For a motorcyclist filling a 10-litre tank, Saturday’s price means paying Rs20 less than on Friday and Rs160 less than at the start of the week.
World oil prices were mixed on Friday. Brent crude rose 39 cents to $96.21 a barrel by midday in London, as markets weighed the US blockade of Iran and the risk to shipping in the Gulf. Pakistan reviews its fuel prices every few days as the conflict keeps global markets volatile.
A large part of the pump price is tax. The petroleum levy alone comes to about Rs80 a litre.
