ISLAMABAD: The federal government has announced a substantial reduction in petroleum prices effective from October 1st to 15th, 2024.

This decision comes as part of a fortnightly review of fuel prices.

According to the notification, the price of petrol has been decreased by Rs 2.7 per liter, bringing the new price to Rs 247.03 per liter. High-speed diesel (HSD) has also seen a reduction of Rs 3.40 per liter, now priced at Rs 246.29 per liter. Light diesel oil (LDO) has been lowered by Rs 1.30 per liter to Rs 140.90 per liter, while kerosene oil prices have been reduced by Rs 3.57 per liter to Rs 154.90 per liter.

The government attributed the price cuts to a decline in international oil prices and fluctuations in the exchange rate. This move is expected to provide some relief to consumers grappling with rising inflation and boost the consumption of petroleum products, ultimately leading to increased tax revenue.

Copyright Business Recorder, 2024