Govt Announces Big Cut in Price of Petrol

The federal government on Wednesday slashed prices of petroleum products for the next fortnight. According to a notification issued by the finance ministry, the price of petrol has been decreased by Rs. 15.39 per liter to Rs. 273.10, while the price of high-speed diesel has been cut by Rs. 7.88 per liter to Rs. 274.08. The new prices will be applicable from May 16. In a short statement, the finance ministry said that the prices of petroleum products have seen a decreasing trend in the international market during the last fortnight and the Oil & Gas Regulatory Authority (OGRA) worked out the consumer prices, based on the price variations in the international market. At the last fortnightly review of petroleum prices, the price of petrol was decreased by Rs. 5.45 per liter, while the price of high-speed diesel was reduced by Rs. 8.42 per liter.