Islamabad – The Federal Government has announced the reduction of the price of petrol and high-speed diesel after reviewing the prices of petroleum products. The new prices will come into effect from August 7, said the Petroleum Division in a notification.
As per the official statement, the price of petrol per litre has been lowered by Rs 3.19, and now it is Rs 329.82 per litre. Likewise, the price of high-speed diesel has been brought down by a single rupee and 50 paise per litre, and now the new price of high-speed diesel is Rs 382 and 36 paise per litre.
The prices of petroleum products are fixed based on several economic considerations, such as the global market price of crude oil, import expenses, exchange rates and local taxes, government sources said.
On this basis, prices are reviewed every fortnight.
According to economic experts, although the recent reduction is limited, it may provide partial relief in the operating costs of citizens using private transport, business activities and some sectors. They say that changes in global crude oil prices and the value of the rupee may affect future prices.
Changes in the prices of petroleum products are considered important in the context of the country’s overall economic situation, inflation and transport costs, which is why consumers and business circles are also keeping a close eye on the upcoming reviews.