Government approved a massive cut of Rs15.39/lit in the petrol price for the next fortnight in line with the global oil rates       A worker holds a fuel nozzle to fill up a car's fuel tank at a petrol station in Karachi on September 16, 2023. — Reuters

ISLAMABAD: In a major relief for the inflation-hit nation, the federal government approved a massive cut of Rs15.39 per litre in the petrol price for the next fortnight in line with the global oil rates. The petrol price has been reduced from Rs288.49 to Rs273.10 per litre after the latest reduction.

Moreover, price of high speed diesel has also been slashed by Rs7.88 per litre from Rs281.96 to Rs274.08.

“The Oil and Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market,” a statement released by the Finance Division read.

According to an official notification issued the Finance Division on Wednesday, the new fuel prices will be effective from May 16 (Thursday).

The prices of petroleum products have seen a decreasing trend in the international market during the last fortnight. This is the second relief in a row in the current month. From May 1, 2024, the authorities had reduced the motor spirit (MS) price by Rs5.45 per litre to Rs288.49 per litre from Rs293.94 per litre.

Similarly, the diesel price was also reduced by Rs8.42 per litre to Rs281.96 from Rs290.38 per litre from May 1.

Globally, petrol prices have fallen showing a positive market shift with the government and industrial sources saying that Pakistan refineries and oil marketing companies hoped that the consumption of petroleum products will increase from May 16 because of the latest reduction in prices and halt in influx of smuggled petroleum products from Iran in the last 10 days.