The federal government on Saturday reduced the price of petrol by Rs1.86, taking the rate to Rs259.10 per litre.

The price of high-speed diesel (HSD) has been reduced by Rs3.32 per liter to Rs262.75, as per a statement released by the state broadcaster PTV.

The new prices take effect from September 01, 2024.

Kerosene oil price has dropped from Rs171.77 to Rs169.62, a fall of Rs2.15 per litre.

Additionally, the cost of light diesel oil has decreased by Rs2.97 per litre, from Rs157.02 to Rs154.05.

Business Recorder had earlier reported that a reduction in fuel prices was on the cards for Pakistani consumers. According to preliminary estimates, the government was considering slashing petrol prices by up to Rs3.10 per litre and HSD by Rs2.50 per litre for the fortnight commencing September 01, 2024.

In the previous review, the government had slashed the price of petrol by Rs8.47, taking the rate to Rs260.96 per litre. The price of HSD was decreased by Rs6.7 per litre to Rs266.07.

The price cuts are a direct result of the recent drop in global oil prices. Over the past two weeks, crude oil prices have fallen by approximately $ 2 to $ 2.30 per barrel.

The average price of petrol has dropped from $ 82.50 to $ 80.40 per barrel, while HSD has decreased from $ 90.30 to $ 88 per barrel.

Premium on petrol has stood at $ 8.47 per litre and $ 5 per litre on HSD.