KARACHI: The federal government is reportedly considering another reduction in petrol prices, marking the third consecutive decrease since July 31.
The proposed reduction includes a decrease of Rs 2.97 per liter for petrol, Rs 2.31 per liter for high-speed diesel, Rs 1.39 per liter for kerosene oil, and Rs 1.96 per liter for light-speed diesel.
This potential price cut is attributed to the recent decline in global oil prices, with American crude oil dropping by 3.60% to $74.69 per barrel over the past two weeks and London Brent oil falling by 2.34% to $74.69 per barrel.
Earlier, the government reduced fuel prices as a “gift” to the nation on Independence Day, lowering petrol by Rs 8.47 to Rs 260.96 per liter and high-speed diesel by Rs 6.07 to Rs 266.07 per liter.
On July 31, the government had also reduced the prices of petrol and high-speed diesel by Rs 6.17 and Rs 10.86 per liter, respectively, bringing them down to Rs 269.43 per liter for petrol and Rs 272.77 per liter for diesel.
The Ministry of Finance issued these notifications following approval from Prime Minister Shehbaz Sharif.