Dateline Report
ISLAMABAD: In a recent move, the government has reduced the prices of petrol and high-speed diesel (HSD) for the next fortnight. The price cuts come in response to fluctuations in the international market, with petroleum product prices showing a decreasing trend over the last two weeks.
According to a notification from the finance ministry, the new price of petrol stands at Rs288.49 per litre, while that of HSD is now Rs281.96 per litre.
This adjustment follows a previous increase in prices announced a fortnight ago, with petrol and HSD seeing hikes of Rs4.53 and Rs8.14 per litre, respectively.
Sources familiar with the matter had anticipated these reductions, citing a decline of approximately $3 and $5 per barrel for petrol and HSD, respectively, in the international market during the same period.
It’s worth noting that the government has already reached the maximum permissible petroleum levy of Rs60 per litre on both petrol and HSD, as mandated by law.
The government’s decision to lower petrol and diesel prices reflects a response to changing dynamics in the global oil market. These adjustments aim to mitigate the impact of international price fluctuations on domestic consumers, aligning local prices with prevailing trends in the international
