Government Announces Massive Reduction in Petroleum Prices

In a significant relief to the general public, the federal government has announced a reduction in the prices of petroleum products across the country. According to a statement issued by the Ministry of Finance, the prices of petrol, diesel, light diesel oil, and kerosene oil have been decreased.

Prime Minister Shehbaz Sharif has given the green light for the revised rates, which will take effect from tonight at 12 AM. The new prices are as follows:

•  Petrol: Rs 263.02 per liter, a reduction of Rs 5.66 per liter
•  Diesel: Rs 275.41 per liter, a reduction of Rs 1.39 per liter
•  Light Diesel Oil: Reduced by Rs 2.74 per liter
• Kerosene Oil: Reduced by Rs 3.26 per liter

This reduction is expected to provide relief to the transport sector and lower-income households amid ongoing inflationary pressures, ultimately benefiting the overall economy.

The Oil and Gas Regulatory Authority (OGRA) had earlier recommended the price cuts based on global market trends and currency exchange stability. This marks the third consecutive downward revision in petroleum prices, offering some economic respite to transporters and households alike.