A reduction in petrol prices is currently under consideration by the federal government, marking what would be the third consecutive decrease in petroleum product rates since July 31. This possible reduction has been prompted by the recent drop in international oil prices.
It has been suggested that petrol prices may see a reduction of Rs 2.97 per liter, while high-speed diesel could decrease by Rs 2.31 per liter. Additionally, kerosene oil may be lowered by Rs 1.39 per liter, and light-speed diesel by Rs 1.96 per liter.
These changes are being proposed due to a notable decline in global oil prices, as American crude oil prices have dropped by 3.60% to $74.69 per barrel over the past two weeks. Similarly, London Brent oil has experienced a decrease of 2.34% to $74.69 per barrel. Consequently, these reductions in oil prices have led to the proposal for lowering local fuel rates.
On the eve of Independence Day, the federal government had already reduced petroleum prices, presenting it as a ‘gift’ to the public. At that time, the price of petrol was lowered by Rs 8.47, bringing it down to Rs 260.96 per liter, while high-speed diesel saw a reduction of Rs 6.07 per liter, making its new price Rs 266.07 per liter.
In a similar move, on July 31, the government announced a decrease in the prices of petrol and high-speed diesel (HSD) for the following fortnight. Petrol prices were reduced by Rs 6.17 per liter, setting the new price at Rs 269.43 per liter. Likewise, diesel experienced a significant drop of Rs 10.86 per liter, resulting in a new price of Rs 272.77 per liter.
These price adjustments were officially communicated through a notification issued by the Ministry of Finance after receiving approval from Prime Minister Shehbaz Sharif.
