Latest petrol price in Pakistan from May 1

The federal government has announced a significant reduction in the price of petrol by Rs per litre, effective from Tuesday Wednesday. The new price of petrol is now Rs288.49 per litre, down from the previous Rs293.94.

Petrol price in Pakistan is announced by the Ministry of Finance (Finance Division) for the next fortnight starting from May 1.

The Finance Division notified the new prices of the petroleum products after consultations with Prime Minister Shehbaz Sharif regarding the summary presented by the Oil and Gas Regulatory Authority’s (Ogra).

The deduction has been made in line with a decline in the price of petroleum products in the international market.

"The prices of Petroleum products have seen a decreasing trend in the international market during the last fortnight. The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market," the Finance Division said in a statement released late night.

The prices of Motor Spirit & HSD for the next fortnight, starting from May 1, are accordingly being lowered as follows:

Meanwhile, the price of kerosene oil or light diesel oil (LDO) have been slashed by Rs8.74 and Rs5.63 per litre, respectively.

Kerosene oil is widely used in stoves in remote areas where liquefied petroleum gas (LPG) is not readily available, while LDO is an essential component in industries.

To recall, the government on April 15 had jacked up petrol and diesel prices by Rs 4.5 and Rs8.1 per litre, respectively.

Every 15 days, the government examines and modifies petroleum product prices in response to changes in the price of oil globally and in the value of the local currency.

The expected fuel consumption and supply costs of Pakistan State Oil, the state-owned oil corporation, as well as monthly tax targets, would be taken into consideration by the government when determining the prices of petroleum goods.