Govt slashes petrol prices by Rs8 to Rs.262 per liter

The government on Wednesday announced further reduction of Rs.8 in prices of per liter petrol, bringing down the commodity rates by Rs20 in a single month.

Announcing the new petroleum prices, Federal Minister for Finance and Revenue, Mohammad Ishaq Dar said petrol prices were reduced by Rs12 on May 15 and was now further reduced by Rs8.

Petrol would be now available at Rs.262 per liter, with effective from June 1st against its sale at Rs.270 per liter during last fortnight.

The minister said the prices of various petroleum products were reduced despite the fact that there was no big change in rates of the commodities in international market nor was there any improvement in Rupee against Dollar. However, he said government made efforts to make some space for providing relief to the people.

The price of high speed diesel has been reduced by Rs.5 per liter, from Rs.258 to Rs.253, he said adding that prices of this product was reduced Rs30 on May 15, hence bringing the total reduction to Rs.35 in a month.

Likewise, the price of light diesel oil has been reduced by Rs.5, which would now be sold at Rs147.68 per liter against its sale at Rs152.68. However, prices of kerosene oil have been kept unchanged at Rs.164.07.