Petrol price in Pakistan slashed by Rs10 per litre

In a significant move to provide financial relief to the public, the Pakistan government has announced a reduction in the prices of petrol and high-speed diesel (HSD) for the next fortnight. As reported by RNN News, the price of petrol has been reduced by Rs10.20 per litre, bringing it down to Rs258.16 from the previous Rs268.36. Similarly, the price of HSD has been cut by Rs2.33 per litre, making the new price Rs267.89 compared to the previous Rs270.22.

This latest reduction follows a previous cut a fortnight ago, where petrol and HSD prices were reduced by Rs4.74 and Rs3.86 per litre, respectively. With this current decrease, the cumulative reduction in petrol prices has reached Rs35 per litre.

The decision to lower fuel prices comes in response to a decline in international oil prices. Over the past two weeks, the prices of petrol and HSD in the international market have dropped by approximately $3.75 and $2.7 per barrel, respectively. This decline is partly attributed to market adjustments following indications that U.S. interest rates might remain higher for a longer period than previously expected. Consequently, Brent crude futures fell by 42 cents, or 0.5%, to $82.33 a barrel, while West Texas Intermediate (WTI) U.S. crude futures dropped by 51 cents, or 0.7%, to $78.11 a barrel.

The reduction in fuel prices is a welcomed relief for consumers, helping to alleviate some of the financial pressures caused by ongoing inflation and economic challenges.