Fuel prices slashed in Pakistan

The federal government announced a reduction in petrol prices by Rs6.17 per litre for the next fortnight, following a decrease in global oil prices, according to a statement from the Prime Minister's Office.

The new prices will take effect on August 1.

The Oil and Gas Regulatory Authority (Ogra) calculated the consumer prices for the upcoming fortnight, considering international price fluctuations and exchange rate variations, as noted in the notification.

With Prime Minister Shehbaz Sharif's approval, the petrol price has been reduced to Rs272.77 per litre from Rs283.63, marking a decrease of Rs6.17.

The price of high-speed diesel (HSD) has also been lowered to Rs269.43 per litre from the previous rate of Rs275.60, a reduction of Rs10.86.

Similarly, the price of kerosene oil has dropped to Rs177.39 per litre from Rs183.71, a decrease of Rs6.32 per litre. The rate for light diesel oil (LDO) has been reduced to Rs160.53 per litre from Rs166.25, reflecting a cut of Rs5.72 per litre.