Petrol price hiked by Rs1.73/litre

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ISLAMABAD: The ministry of finance has approved an increase in petrol price by Rs1.73 per litre, while price-cuts have been announced in other petroleum products from 24th of September (Monday) under the weekly revision in POL prices, Geo News reported. The prices of compressed natural gas (CNG) will also rise after the increase in petrol rate because of a set mechanism under which CNG price should be equal to 60% of petrol price. CNG price in region-I, comprising Balochistan and Khyber-Pakhtunkhwa, will rise to Rs99.28 per kg from Rs97.69 and in region-II, covering Sindh and Punjab, the price will be Rs90.70 per kg from Rs89.25. However, the prices of other petroleum products including high-speed diesel (HSD) has been reduced for the upcoming week. The price of HSD has been slashed by 47 paisa per litre. In the previous week too, the diesel price dropped by Rs1.75 per litre following a decline in global oil prices.