ISLAMABAD: The government on Saturday reduced the price of petrol by Re1 per litre for the next fortnight and that of high-speed diesel by Rs4.
According to a notification by the Finance Division, the decision was taken after the Oil and Gas Regulatory Authority reviewed and adjusted consumer prices for petroleum products in view of recent fluctuations in the international oil market.
After the adjustment, high-speed diesel (HSD), which is widely used in agriculture and transport sectors, will see a price drop of Rs4 per litre. The new price for HSD will be Rs263.95, down from the previous rate of Rs267.95 per litre.
In addition to HSD, the price of petrol has also been reduced by Rs1 per litre. The new petrol price will be Rs256.13, following a similar decrease in the second fortnight of February 2025.
Furthermore, the prices for kerosene and light diesel have been lowered by up to Rs5 per litre. Kerosene will now be available at Rs171.65 per litre, while light diesel will cost Rs155.81 per litre.
The experts’ reports had previously suggested that the ex-depot petrol price was estimated to go down by Rs2-2.50 per litre depending on final calculation on Feb 15 while HSD was expected to drop by about Rs9. Kerosene and LDO prices were estimated to fall by about Rs3.45 to Rs5 per litre.
The estimates for higher prices of petroleum products stemmed from a decline in the international market.
The benchmark Brent prices decreased by $2 per barrel last fortnight. These sources had said the average prices of HSD decreased by around $3 per barrel in the international market while that of petrol dropped by about 90 cents per barrel last fortnight. The ex-refinery cost of kerosene and LDO also came down. Import premium on petrol fell by $1 $7.75 per barrel from $8.8 while it remained unchanged on diesel.
As a result, the latest calculation as of February 29 showed around Rs9 per litre decrease in HSD rate, Rs2.50 per litre in petrol, Rs3.50 per litre in kerosene and about Rs5 per litre in LDO.
The ex-depot petrol price currently stands at Rs257.13 per litre, while that of HSD is Rs267.95 per litre. Kerosene’s official rate is Rs174.85 per litre but it is sold at Rs300-350 per litre.
