The government has once again slashed petrol prices, marking the second reduction in September. The latest adjustment sees the price of petrol reduced by Rs. 1.86 per liter, bringing it down to Rs. 259.1 per liter. Simultaneously, the price of high-speed diesel has been decreased by Rs. 3.32 per liter, now costing Rs. 262.75 per liter. The new rates will be effective from September 1. The continued decrease in international oil prices has driven this reduction, benefiting consumers across the country.
Government Slashes Petrol Prices
The decision to slash petrol prices comes as a response to the ongoing decline in global oil prices. Over the past two weeks, the import premium on petrol fell by nearly 50 cents per barrel, settling at $8.50. In contrast, the premium on high-speed diesel remained stable at $5 per barrel. This trend in the international market has provided the government with the opportunity to pass on the benefits to the public, leading to a noticeable reduction in fuel costs.
Impact of the Recent Reductions
The recent cuts in fuel prices are expected to provide some relief to consumers and industries alike, especially in a time of economic challenges. With the Pakistani Rupee stabilizing at 278 against the US dollar, the government has managed to maintain a consistent pricing strategy that reflects global market conditions. It’s important to note that this latest reduction follows a previous cut earlier in the month, where petrol prices were reduced by Rs. 8.47 per liter, and high-speed diesel saw a decrease of Rs. 6.7 per liter.
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