Government Announces Minor Reduction in Petrol and Diesel Prices

ISLAMABAD: In a relief for inflation-hit citizens, the federal government has announced a modest reduction in the prices of petroleum products for the upcoming fortnight, according to an official notification issued by the Petroleum Division.

Under the revised rates, the price of petrol has been decreased by Rs1.65 per liter, bringing the new retail price to Rs389.14 per liter. Meanwhile, high-speed diesel witnessed a nominal decrease of Rs88 paisa, reflecting minor adjustments in the international oil market and currency stabilization trends.

The downward revision comes as a welcome, albeit slight, respite for commuters and industrial sectors grappling with persistent inflationary pressures and high utility costs. While the reduction is relatively small, economists note it could have a stabilizing psychological effect on transport fares and the prices of essential daily commodities.

The new prices take effect immediately across the country, with oil marketing companies and petrol stations directed to ensure implementation. Further reviews of petroleum levies and global market trends are expected to be conducted by the end of the month as part of regular economic monitoring.