Petrol price cut by 50 paise, diesel by 19 paise

The federal government on Thursday decreased the price of petrol by 50 paise per litre and high-speed diesel (HSD) by 19 paise per litre for Friday, August 28. According to a notification issued by the Ministry of Energy (Petroleum Division), the Oil and Gas Regulatory Authority (OGRA) on Thursday revised the ex-depot prices of petroleum products under the government’s petroleum pricing mechanism. The price of petrol fell to Rs342. 60 per litre, down from Rs343. 10, and the price of HSD fell to Rs371. 61 per litre, from Rs371. 80 per litre. Petroleum prices have undergone several revisions in recent weeks following the government’s shift from a weekly to a daily pricing mechanism. Under the new system, OGRA calculates ex-depot prices using a rolling seven-day average of international oil prices, exchange rate movements and other cost components before submitting its recommendations to the government. The daily pricing mechanism is intended to allow domestic fuel prices to respond more quickly to changes in international oil prices and other cost factors.

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