Islamabad (Web Desk): The federal government on Wednesday revised downward the prices of petroleum products for the next fortnight, with the new rates taking effect from October 16 (today), following recommendations from the Oil and Gas Regulatory Authority (OGRA) and the relevant ministries.
According to a statement issued by the Ministry of Finance, the price of Motor Spirit (MS) petrol has been reduced by Rs5.66 per litre, bringing the new rate to Rs263.02 per litre from the previous Rs268.68.
Similarly, the price of high-speed diesel (HSD) has been cut by Rs1.39 per litre, setting the new price at Rs275.41 per litre against its earlier level of Rs276.81.
The adjustments were made in line with movements in international oil prices and the domestic pricing mechanism to pass on partial relief to consumers.
Meanwhile, the government also reduced the price of superior kerosene oil (SKO) by Rs3.26 per litre and light diesel oil (LDO) by Rs2.74 per litre respectively. The new price of SKO now stands at Rs181.71 per litre, while LDO will retail at Rs162.76 per litre.