ISLAMABAD: Pakistani’s government on Monday announced a reduction in petroleum prices, providing some relief to the public.
As per the notification, petrol prices have been decreased by Rs 2.07 per liter, bringing the new rate to Rs 247.03 per liter. High-speed diesel will see a reduction of Rs 3.40 per liter, while light diesel prices have been lowered by Rs 1.30 per liter. Kerosene oil prices have also been cut by Rs 3.57 per liter.
This decision aims to alleviate inflationary pressures on consumers amid rising global fuel costs.
Previously, it was anticipated that petroleum prices in Pakistan would decrease starting October 1. Reports indicated that the federal government was expected to announce a significant reduction in petrol prices on September 30, with reductions ranging from Rs 1 to Rs 3 per liter.
The pricing of petrol and diesel in Pakistan is influenced by a combination of global factors and government regulation. Variations in global crude oil prices and exchange rate fluctuations play a crucial role in determining the base price calculated by the Oil and Gas Regulatory Authority (OGRA), which uses the Import Parity Price formula to reflect the cost of imported fuel.
