Pakistan Reduces Fuel Prices: A Welcome Relief for Consumers

The federal government of Pakistan has announced a decrease in petroleum prices starting from September 1. Petrol and diesel prices have been cut by PKR 1.86 and PKR 3.32 per litre respectively. This marks the third consecutive reduction in petroleum product rates since July 31.

The federal government of Pakistan has announced a decrease in petroleum prices, effective from September 1, according to ARY News. Petrol will now cost PKR 259.10 per litre, down by PKR 1.86, while High-Speed Diesel (HSD) will be priced at PKR 262.75 per litre, following a decrease of PKR 3.32.

The new prices include kerosene oil at PKR 169.62 per litre after a PKR 2.15 reduction, and light diesel oil at PKR 154.05 per litre, down by PKR 2.97, ARY News reported. This is the third straight decrease in petroleum product rates since July 31, reflecting the Pakistani government's ongoing efforts to mitigate fuel costs.

Sources reveal the initial proposal suggested reducing petrol prices by PKR 2.97 per litre, high-speed diesel by PKR 2.31, kerosene oil by PKR 1.39, and light-speed diesel by PKR 1.96 per litre. Falling international oil prices, including a 3.60% drop in American crude to USD 74.69 per barrel and a 2.34% decline in London Brent, have facilitated these reductions.

In August, under Nawaz Sharif's federal government, petrol prices were already reduced by PKR 8.47 per litre, and high-speed diesel prices by PKR 6.70 per litre, taking them to PKR 266.07 per litre, Geo News reported. This prior reduction was confirmed by the Ministry of Information just ahead of Independence Day celebrations on August 14. (ANI)

(With inputs from agencies.)