Pakistan cuts petrol, diesel prices: Reuters

KARACHI, Dec 1 (Reuters) - Pakistan cut petrol prices by 13.5 percent on Monday, following a decline in international oil prices, the state Oil and Gas Regulatory Authority (OGRA) said.
Global oil prices CLc1, which have tumbled almost 64 percent from a record level of $147 per barrel in July, fell more than a dollar on Monday towards $53 a barrel.

Pakistan's latest cut brought the price of petrol to 57.66 rupees (73 U.S. cents) a litre from 66.66 (85 cents), OGRA said on its website.
The government also cut the price of diesel by 9.4 percent, or 5 rupees, to 48 rupees from 53 rupees.
It was the third cut in the price of petrol since Nov. 1.

The government has abolished all petroleum subsidies as part of efforts to bring down a budget deficit.
Pakistan's economy is facing widening twin deficits and inflation at 25 percent. At the same time, investor confidence has evaporated because of political and security problems.

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