Petrol cheaper by Rs3.40 and diesel by Rs7.76 per litre

ISLAMABAD: The government has announced a cut in the prices of Petroleum Products, saying it aims to give relief to the public. A formal notification of the reduction in the prices of petrol and high-speed diesel has been issued. The new prices will take effect from midnight tonight.

According to the notification issued by the Oil and Gas Regulatory Authority (Ogra), the price of petrol has been cut by Rs3.40 per litre. Its new price has been set at Rs374.51.

The price of high-speed diesel has been cut by Rs7.76 per litre. Its new price has been set at Rs395.20 per litre.

After the cut, motorcyclists and car owners who use petrol will get some relief per litre. The comparatively bigger cut in the price of diesel is expected to affect the cost of freight and other diesel-run vehicles.

However, the effect of the cut on the prices of essential items will depend on other costs and market conditions.

According to the notification, the new rates of Petroleum Products will come into force from midnight tonight and will remain in place until 3 November. Ogra has also directed the authorities concerned to implement the new prices.