Petrol prices slashed by Rs5 per litre for March

ISLAMABAD: The government slashed the price of petrol by Rs5 per litre on Saturday as oil prices declined in the international market.

According to the Ministry of Finance, petrol will now be sold for Rs111.60 per litre. The price of diesel has also been reduced Rs5 and will now be available for Rs112.26.

The ministry announced that kerosene oil’s price has been slashed by Rs7, bringing its cost down to Rs 92.45 per litre. The new prices will come into effect from March 1, 2020. 

The decline in prices was anticipated as international oil prices fell by a large margin last week with the Dubai Crude rate coming down from $62 per barrel on Jan 31 to $50 a barrel on Friday, down 19.35%.   The benchmark Brent crude price reduced from $60 a barrel to $51 a barrel, down 18.33%.