Daily Times

Prime Minister Shehbaz Sharif on Tuesday approved a slash in the petrol price by Rs8.47 per litre and Rs6.7 for high-speed diesel (HSD), respectively, for the next fortnight in a “big gift” for the people on the eve of Independence Day.

A statement issued by state broadcaster PTV termed it a “great decrease” in the prices of the petroleum products, saying the petrol price was now Rs260.96 and Rs266.07 that of HSD. The statement did not mention any changes in the prices of light diesel oil and kerosene oil.

The prices of petrol and HSD were previously estimated to drop by up to Rs9.2 per litre for the next fortnight, mainly because of the lower international prices.

Informed sources had said the prices of petrol and HSD had decreased in the international market by more than $3 per barrel in the last fortnight.

Officials had said the average international petrol price had dropped to $84 per barrel. HSD also declined to about $91 in the last fortnight. During the current fortnight, the import premium on both petrol and HSD generally remained unchanged at about $9 and $5 per barrel, respectively. On the other hand, the local currency lost slightly to the US dollar during the fortnight.