Petrol price cut by Re0.50, diesel by Re0.19 per litre

Petrol and high-speed diesel will cost less from Friday, August 28, after the federal authorities trimmed their prices. Petrol now sells at Rs342.60 per litre following a Rs0.50 reduction, while diesel is priced at Rs371.61 after a Rs0.19 cut.

The revision was announced on Thursday in a notification from the Ministry of Energy's Petroleum Division, which said the Oil and Gas Regulatory Authority had revised ex-depot rates under the petroleum pricing mechanism. Business Recorder reported that the move is part of the routine approach of adjusting fuel rates against international oil markets and other cost factors.

The new rates are described as valid until tomorrow, following a Tuesday review that lifted petrol by Rs1.12 and diesel by Rs1.11 a litre. Compared with that rise, the current reductions are smaller, with petrol down Rs0.50 and diesel down Rs0.19 from the earlier rates.