The federal government has slashed the price of petrol by Rs2.07 per litre for the next fortnight.
The new prices will be effective from October 1, according to an official notification issued on Monday.
As per the notification, the price of petrol has been decreased by Rs 2.7 per liter, bringing the new price to Rs 247.03 per liter.
High-speed diesel saw a reduction of Rs 3.40 per liter, while light diesel has been lowered by Rs 1.30 per liter. Kerosene oil prices have also been reduced by Rs 3.57 per liter.
This decision aims to ease inflationary pressure on consumers amidst rising fuel costs globally.
Earlier to this it was reported that the petroleum products prices in Pakistan are likely to decrease from October 1 amid a significant drop in the international market.
Petrol, also called mogas, is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers. Higher fuel prices significantly impact the budgets of the members of the middle and lower-middle classes, who primarily consume petrol for commuting. On the other hand, a significant portion of the transport sector relies on high-speed diesel.
Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.
The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.
