Finance minister announces decrease in petrol prices by Rs2

Rejecting Oil and Gas Regulatory Authority's (OGRA) request to increase the petrol prices, Finance Minister Asad Umar announced on Friday a decrease of Rs2 in the prices of petrol and diesel.

Addressing a press conference in Islamabad, the minister announced the decrease in the petrol prices saying that the government tries to reduce public's burden. The government has changed and decreased the prices of petrol, kerosene, diesel and Light-Diesel Oil (LDO). The new rates of the petroleum products have been decreased in petrol by Rs2, kerosene by Rs3, Diesel by Rs2 and LDO by Rs5 per liter.

The minister added that the government was trying to further decrease the petroleum prices. Umar continued saying that the prices are increased or decreased depending on the changes in the price of international crude oil. He said this happens with a lag of one month, explaining that the prices for current month that is November have been set according to international oil price of the month September.

OGRA had recommended on Thursday to increase petrol prices by Rs6.21 per litre for December 2018.