ISLAMABAD: The government has announced a reduction in petroleum prices, providing relief to consumers across the country, ARY News reported on Sunday.
According to sources, petrol prices have been cut by Rs 10 per litre, while diesel prices have been reduced by Rs 13.6 per litre. Light diesel has seen a decrease of Rs 12 per litre, and kerosene prices have dropped by Rs 11 to Rs 15 per litre.
The price cuts follow Prime Minister Shehbaz Sharif’s approval of the revised rates. This move is expected to bring some relief to the public amid rising inflation.
The reduction in petroleum prices comes as international oil prices fell by 8.5%, from USD 79.39 per barrel on August 30, 2024, to USD 72.67 per barrel. The drop in global oil demand, driven by revised forecasts from the Organization of the Petroleum Exporting Countries (OPEC), has led to these price cuts.
Tahir Abbas, Head of Research at AHL, mentioned that Pakistan, being an oil-importing country, adjusts its fuel prices based on international trends. Over the last few weeks, petrol prices have decreased by PKR 16.50 per litre, while diesel has dropped by PKR 20.88 per litre.
A further reduction in petrol prices, by around PKR 13.12 per litre, is expected soon.