Following a decline in global crude oil prices, Prime Minister Shehbaz Sharif has approved a substantial reduction in petroleum product prices, providing major relief to the public.
The Ministry of Finance on Wednesday issued an official notification approving the reduction of petroleum product prices. The new prices will be effective from midnight and will remain in place for the next fifteen days.
According to the details, the price of petrol has been reduced by Rs6.17 per litre, bringing it to Rs269.43. High-speed diesel has seen a reduction of Rs10.86 per litre, now priced at Rs272.77.
Prices of deregulated products have also been lowered, with light diesel reduced by Rs5.72 per litre to Rs160.53, and kerosene reduced by Rs6.32 per litre to Rs177.39.
Over the past ten days, global oil prices have fallen, prompting the Oil and Gas Regulatory Authority (OGRA) to adjust local prices accordingly.
This decision aims to ease the financial burden on citizens.
It is worth noting that on July 15, the government had previously increased the petrol price by Rs9.99 and high-speed diesel by Rs6.18, resulting in petrol being priced at Rs275.60, high-speed diesel at Rs283.63, kerosene at Rs183.71, and light diesel at Rs166.25 per litre.