ISLAMABAD         -     The government has reduced the price of petrol by Rs4.59 from Rs117.83 to Rs113.24 for the month of September 2019. According to a notification issued by ministry of finance Saturday, the price of High Speed Diesel has also been cut by Rs5.33 and the new price would be Rs127.14 per litre to be applicable from Sunday, September 01. Similarly, the price of kerosene oil was reduced by Rs4.27 from Rs103.84 to Rs99.57 per litre whereas the Light Diesel Oil price had also been decreased by Rs5.63 to Rs91.89 per litre. The ministry stated that prices of petroleum products were determined by OGRA using actual orders placed by PSO for HSD and petrol for the last month/period. Predefined costs like freight, port handling and retailer margins were then added by OGRA. Since three months, the GST had been fixed at 17%, when in the FY 2015-16 it had gone to as high as 71% on HSD, the statement added. The Petroleum Development Levy was also fixed, so, any variation in purchase price of PSO over the last imported period is notified by OGRA. If the international prices show a downward trend, this occurs with 30-40 days, subject to exchange rate movement. The average purchase price of petrol (inclusive of custom duty) over the last imported period has been Rs71.89 per litre and that of HSD has been Rs82.06 per litre prior to taxes and cost of distribution.