The government has once again reduced petrol and diesel prices, marking the second price cut this month.
On Saturday, it was announced that the price of petrol would drop by Rs. 1.86 per liter, bringing it down to Rs. 259.1 per liter, while the price of high-speed diesel would be reduced by Rs. 3.32 per liter to Rs. 262.75 per liter. These new rates will take effect starting September 1.
This price reduction is attributed to the ongoing decline in global oil prices. Over the past two weeks, the import premium on petrol fell by about 50 cents per barrel, settling at $8.50, while the premium on high-speed diesel remained stable at $5 per barrel.
The exchange rate of the Pakistani Rupee held steady at 278 against the US dollar.
It’s worth noting that during the previous fortnightly review of petroleum prices, the government reduced the price of petrol by Rs. 8.47 per liter and cut the price of high-speed diesel by Rs. 6.7 per liter.
