ISLAMABAD: The federal government on Sunday slashed the prices of petrol and high-speed diesel (HSD) for the next fortnight by Rs10 and Rs13.06, respectively.
As per the details, the price of petrol has been reduced by Rs10 per litre while the price of diesel has been reduced by Rs13.06 per litre. The prime minister has formally approved the new prices.
It said the new petrol price was Rs249.10 per litre and that of HSD was Rs245.01.
In addition, the price of light diesel has been lowered by Rs 12 per litre, and kerosene prices have been reduced by Rs 11 to Rs 15 per litre.
In the previous fortnight, the government reduced petrol prices by Rs1.86, bringing the rate to Rs259.1 per litre, while the price of HSD was lowered by Rs3.32 to Rs262.75 per litre.
The masses are set to have some relief in petrol prices as international oil prices have significantly dropped by 8.5%, plummeting from USD 79.39 per barrel on August 30, 2024, to USD 72.67 per barrel. This development marks a notable shift in the global energy markets.
This decline in petrol prices is largely attributed to the Organization of the Petroleum Exporting Countries (OPEC) revising its global oil demand forecast, leading to reduced demand and subsequent price drops, said Tahir Abbas Head of Research AHL.
| Products | Old Price | New Price | Increase/Decrease |
| MS (Petrol) | 259.01 | 249.01 | -10 |
| High Speed Diesel (HSD) | 258.16 | 245.10 | -13.6 |
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