ISLAMABAD: In a welcomed development, the interim government announced a reduction in the price of petrol for the next two weeks, bringing it down by Rs8 per litre to Rs259.34 per litre.

The Finance Division issued the revised petroleum product prices for the upcoming fortnight, effective from January 16, in line with recommendations from the Oil and Gas Regulatory Authority (Ogra). Meanwhile, the diesel rate remained unchanged at Rs276.21 per litre.

In the latest adjustment, kerosene oil and light diesel oil prices saw a decrease of Rs1.97 and Rs0.92 per litre, respectively. Previous reports had indicated a potential reduction of over Rs5 in petrol prices, while high-speed diesel (HSD) was expected to remain unchanged in the upcoming fuel price review.

According to official sources, the caretaker government considered the decrease in international prices of petrol, oil, and lubricants (POL) during the ongoing fortnight, along with the strengthening of the rupee against the US dollar. Consequently, it was anticipated that petrol prices would be reduced by Rs5.32 per litre from January 16, while HSD prices were expected to remain stable.

In the preceding two weeks, the government had maintained petrol and diesel rates at Rs267.34 and Rs276.21 per litre, respectively.

reduction of Rs2.19 per litre, bringing it to Rs188.83, while the cost of light diesel oil increased by Rs1.11, resulting in a selling price of Rs165.75.