Pakistan cuts petrol, diesel prices

Pakistan has reduced petrol prices by 13.5%, following a decline in international oil prices, the state Oil and Gas Regulatory Authority (OGRA) said. This was the third cut in the price of petrol since November 1. Global oil prices have tumbled almost 64% from a record level of US$147 per barrel in July to US$53 per barrel. Pakistan’s latest cut brought the price of petrol to Rs57.66 (US$0.73) a liter from Rs66.66 (US$0.85), OGRA said on its website. The government also reduced the price of diesel fuel by 9.4%, or Rs5 (US$0.06), to Rs48 (US$0.61) from Rs53 (US$0.67). The government has abolished all petroleum subsidies as part of efforts to bring down a budget deficit. (December 1, 2008)