On Independence Day eve, Pakistan cuts petrol price by Rs8 per liter

ISLAMABAD: The Pakistani government has decreased the prices of petrol and high-speed diesel by as much as Rs8 per liter, its Finance Division said late Tuesday, as celebrations began in country for the 78th Independence Day.
The price of petrol was reduced by Rs8.47 to Rs260.96 per liter, while high-speed diesel went down by Rs6.70 to Rs266.07 per liter.
“The Oil and Gas Regulatory Authority (OGRA) has worked out the consumer prices of petroleum products, based on price variations in the international market,” the Finance Division said in a notification.
Pakistan revises petroleum prices every fortnight, however, the reduction came a day before to coincide with the 78th Independence Day of Pakistan on August 14.
The latest decrease will be a slight relief for the masses in a country where petroleum and electricity prices have been the key drivers of high inflation.
Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.