The federal government is considering another reduction in petrol prices, marking the third consecutive decrease in the rates of petroleum products since July 31.
Sources reported that the proposal includes a reduction of Rs 2.97 per liter for petrol, Rs 2.31 per liter for high-speed diesel, Rs 1.39 per liter for kerosene oil, and Rs 1.96 per liter for light-speed diesel.
This proposed decrease follows a recent decline in international oil prices. American crude oil prices have dropped by 3.60% to $74.69 per barrel over the past two weeks, while London Brent oil prices have fallen by 2.34% to the same price of $74.69 per barrel.
Previously, on July 31, the government had already reduced the prices of petrol and high-speed diesel. Petrol prices were cut by Rs 6.17 per liter, bringing the new price to Rs 269.43 per liter.
High-speed diesel saw a more significant reduction of Rs 10.86 per liter, with the new price set at Rs 272.77 per liter. These changes were made after the Ministry of Finance issued a notification following approval from Prime Minister Shehbaz Sharif.
This consistent reduction in fuel prices is expected to provide some relief to consumers amid fluctuating global oil markets.
