Petrol drops to Rs346, diesel to Rs378 per litre until November 9

The government has announced new prices for petrol and diesel, introducing reductions in the rates of both petroleum products.

According to a notification issued by the Oil and Gas Regulatory Authority (OGRA), the price of petrol has been reduced by Rs6.59 per litre, bringing the new rate to Rs346 per litre.

Similarly, the price of high-speed diesel has been cut by Rs4.25 per litre, setting the new rate at Rs378 per litre.

According to the notification, the revised petrol and diesel prices will remain effective until November 9.

Under an arrangement announced on Monday for 30 days, oil refineries will contribute to the petroleum levy by bearing a cumulative impact of Rs15 billion, according to the government. This allows a Rs14.71 reduction in the petrol price at the consumer end.

The price of HSD has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on Feb 28.

The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March.