Islamabad: In a welcome development for inflation-hit citizens, the federal government has announced a substantial reduction in petroleum product prices. The Ministry of Energy’s Petroleum Division issued an official notification on Sunday, confirming a decrease of up to Rs4.79 per litre across various products.
According to the notification, the price of petrol has been reduced by Rs2 per litre, bringing the new price down to Rs263.45 per litre.
Similarly, the price of high-speed diesel has been slashed by Rs4.79 per litre, setting the new rate at Rs279.65 per litre.
The Petroleum Division stated that the revised prices will take effect from midnight tonight and will remain applicable for the next 15 days.
Earlier, it had been anticipated that global supply improvements, particularly the restoration of several units at Kuwait’s Al-Zour refinery, would likely push petroleum prices downward in the domestic market. This expectation has now materialized with the official price revision.
