Islamabad, Nov 16 : Petrol and diesel prices in Pakistan have been reduced by Rs 10 and Rs 3 per litre, respectively, the federal government announced last evening.
Now petrol will be sold at Rs 66.66 a litre and diesel (high speed) at Rs 61.14, it said.
Kerosene has also been cheaper by Rs five per litre.
The move followed a sharp fall in international oil prices which have plunged to 50 dollars a barrel after hitting a record 147 dollars in July, reported the Dawn.
A notification of the country's Oil and Gas Regulatory Authority (OGRA) said that the government had reduced petrol (premium motor gasoline) price by 13.04 per cent and that of diesel by 4.68 per cent.
Price of light diesel oil (LDO) has been cut by Rs 7 (11.67 per cent) a litre. LDO will now be sold at Rs 53 a litre.
In order to give relief to people living in remote areas that are heavily dependent on kerosene for cooking and heating, the price of the commodity has been reduced by Rs 5 a litre. After this cut of 8.08 per cent, a litre of kerosene will cost Rs 56.87.
High octane blending component (HOBC) has seen a hefty decline of Rs15 a litre (15.62 per cent). The HOBC will now be sold at Rs81.08 a litre at retail as well as directly by oil companies to consumers.
Prices of petroleum products in Pakistan are linked to the international market and are reviewed by Ogra fortnightly. On Nov 1, the government had announced a relief in petroleum prices for domestic consumers following a decline in crude oil prices in the international market.