The government on Monday increased the price of petrol by Rs6.72 per litre, but reduced that of high-speed diesel (HSD) by Rs0.51 per litre. After the revision, the new ex-depot price of petrol is Rs233.91 while the rate of high-speed diesel (HSD) is Rs244.44 per litre.

The old ex-depot price of petrol was Rs227.19 per litre while HSD was at Rs244.95 per litre.

Govt reduces petrol price by Rs3.05, jacks up the rate of high-speed diesel by Rs8.95

Kerosene oil saw a reduction of Rs1.67 with the new price now at Rs199.40. The price of light diesel saw a Rs0.43 increase, taking it from Rs191.32 to Rs191.75.

The new rates go into effect from August 16.

Earlier, oil refineries estimated an increase of up to Rs16.48 in the prices of petroleum products.

In a press conference on Saturday, Minister of State for Energy (Petroleum Division) Musaddiq Malik said that the Oil and Gas Regulatory Authority (Ogra) determines the price of petroleum products on the basis of the last 15 days' average and the exchange rate for a letter of credits (LCs) is applicable 16 days back.

“The impact of reduction of oil prices is usually transferred after 15 days, not immediately,” he explained.

Oil refineries’ estimates: POL products’ prices may soar by up to Rs16.48 per litre