Petrol price in Pakistan reduced by over Rs6 per litre

ISLAMABAD: The government has approved a reduction in the prices of petroleum products, as confirmed by a formal notification from the Ministry of Finance.

The price of diesel in Pakistan has been reduced by Rs10.86 to Rs269.43 per litre, while the cost of petrol has been decreased by Rs6.17 to Rs272.77 per litre for the upcoming two weeks of August 2024.

Additionally, kerosene prices have been cut by Rs6.32 per litre, and the price of light-speed diesel has been lowered by Rs5.72 per litre.

This decision follows approval from the Prime Minister, with the Ministry of Finance issuing the official notification.

Previously, there were reports suggesting a substantial increase of nearly Rs11 per litre in petrol prices in Pakistan. The modest reduction in the petrol price is a positive development; however, it may not be sufficient for those already burdened by high fuel costs, which have significantly increased travel expenses.

On the global front, oil prices saw a rise on Wednesday, recovering from seven-week lows due to heightened tensions in the Middle East. The increase was driven by the assassination of a Hamas leader in Iran, which overshadowed concerns about weak demand from China.