Government Announces Cut in Petrol Prices by Rs 5 Per Litre - OyeYeah News
The government on Saturday has announced a major reduction in the petrol price to Rs 5 per litre following the cut in the international price of petroleum products.
According to the details, the Ministry of Finance has announced that petrol will now be available for Rs111.60 per litre whereas the price of diesel has also been reduced to Rs5, hence it will be sold for Rs112.26.
The ministry announced that kerosene oil’s price has been cut down by Rs7, which will be available for Rs 92.45 per litre.
According to the authorities, the new prices will come into effect from March 1, 2020.
It is needed to mention here that the Oil and Gas Regulatory Authority (OGRA) had recommended a reduction in the prices of petrol and diesel.
OGRA sent the summary to the Finance Division calling for a reduction of Rs6 per litre in petrol price and Rs7.50 per litre in the price of diesel for approval.
The drop in prices has been credited to a decrease in oil prices in the international market.
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