Government announces slight reduction in petroleum prices

Karachi (Pakistan), September 1 (ANI): The federal government of Pakistan has announced a decrease in petroleum prices, effective from September 1, as reported by ARY NewsPetrol will now cost 259.10 Pakistani Rupees (PKR) per liter, down by PKR 1.86 , while High-Speed ​​Diesel (HSD) will be priced at PKR 262.75 per liter, with a decrease of PKR 3.32.

Following the recent change, the kerosene oil will now be priced at PKR 169.62 per liter after a decrease of PKR 2.15, while light diesel oil will drop by 2.97 per liter, with the new price set at PKR 154.05, according to ARY News.

Notably, Pakistan was considering a reduction in petroleum prices, the third consecutive decrease in petroleum product rates since July 31.

According to the sources, the earlier proposal was to decrease the price of petrol by PKR 2.97 per liter, high-speed diesel by PKR 2.31 per liter, kerosene oil by PKR 1.39 per liter, and light-speed diesel by PKR 1.96 per liter. Sources further said that the drop in international oil prices has resulted in the proposed reduction, with American crude oil falling by 3.60 per cent to USD 74.69 per barrel over the past two weeks and London Brent oil decreasing by 2.34% to USD 74.69 per barrel, ARY News reported.

Earlier, the federal government headed by Nawaz Sharif in August had announced a reduction in petrol prices by PKR 8.47 per litre, reported Geo News.

Alongside this, the Pakistan government had also lowered the price of high-speed diesel by PKR 6.70, reducing it from Rs 272.77 to Rs 266.07 per litre.

This price reduction was officially announced by the Ministry of Information ahead of the country’s Independence Day celebrations on August 14. (ANI)