The federal government has announced a significant reduction in the prices of petroleum products, providing much-needed relief to the public. According to an official notification issued by the Ministry of Finance, the petrol price has been decreased by Rs5.66 per litre. The new petrol price now stands at Rs263.02 per litre, down from the previous rate of Rs268.68.
This downward revision in fuel prices comes as part of the government’s biweekly review of petroleum product rates, which are adjusted based on international market trends and local currency fluctuations. The new rates will be effective from midnight and will remain in force for the next fifteen days.
The petrol price cut is expected to bring some financial ease to motorists and transporters, who have been facing high operational costs due to previous fuel hikes. Along with petrol, the prices of other petroleum products have also been revised downward.
The price of High-Speed Diesel (HSD) has been reduced by Rs1.94 per litre, bringing it down from Rs276.81 to Rs275.41 per litre. Similarly, Kerosene oil has seen a reduction of Rs3.26 per litre, with the new price set at Rs181.71, compared to the earlier Rs184.97 per litre.
Meanwhile, the price of Light Diesel Oil (LDO) has dropped by Rs2.74 per litre, decreasing from Rs165.50 to Rs162.76 per litre.
The latest revision reflects the government’s effort to pass on the benefits of falling global oil prices to consumers. Economists believe that the reduced petrol price may help control inflation to some extent, especially in the transport and goods sectors.
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The Ministry of Finance stated that these changes were made after consultation with the Oil and Gas Regulatory Authority (OGRA) and will remain applicable for the first half of the month.
