Petrol, diesel prices cut by Rs1.97 per litre

The federal government has announced a reduction in petroleum prices, lowering the rates of both petrol and high-speed diesel by Rs1.97

The federal government has announced a reduction in petroleum prices, lowering the rates of both petrol and high-speed diesel by Rs1.97 per litre for the coming week.

According to an official notification issued by the Ministry of Petroleum, the new price of petrol has been fixed at Rs297.53 per litre, while high-speed diesel will now be available at Rs309.50 per litre. The revised prices came into effect from midnight and will remain in force for the next seven days.

The latest reduction follows growing public expectations for relief after international oil prices continued to decline in recent weeks. Despite the downward trend in global markets, the government had maintained fuel prices unchanged during the previous review period.

Petroleum Minister Ali Pervaiz Malik had earlier indicated that consumers could expect positive developments in fuel pricing soon. He maintained that the government was committed to protecting consumers and ensuring transparency in the mechanism used to determine petroleum prices.

The minister said authorities were closely monitoring fluctuations in international oil markets and reviewing global benchmark prices before making any decisions regarding domestic fuel rates.

Earlier this month, the government revised its levy structure on petroleum products as part of fiscal adjustments for the new financial year. Under the revised arrangement, the Climate Support Levy on petrol and high-speed diesel was increased by Rs2.50 per litre, taking it to Rs5 per litre.

At the same time, the Petroleum Levy on petrol was reduced by Rs2.50 per litre to Rs64.14 per litre, while the levy on high-speed diesel was lowered by the same amount to Rs77.04 per litre.

The latest cut in fuel prices is expected to provide modest relief to motorists and transporters amid persistent inflationary pressures and rising living costs across the country.