The federal government announced a substantial decrease in the prices of petroleum products on Sunday. This marks the fourth consecutive fortnightly reduction in petroleum prices.

This decision comes as a relief to consumers amid declining oil prices in the international market.

The petrol price has been reduced by Rs. 10 per liter, bringing it down to Rs. 249.1, while high-speed diesel has been reduced by Rs. 13.06 per liter, now priced at Rs. 249.15. These new prices will take effect from September 16.

The continued decrease in petroleum prices is attributed to the sustained drop in international oil prices, which have fallen below $70 per barrel over the past fortnight. During this period, the Pakistani Rupee has remained stable at 278 against the US dollar.

In the previous fortnightly review, the government had cut the petrol price by Rs. 1.86 per liter and high-speed diesel by Rs. 3.32 per liter. Before this, petrol and diesel prices had decreased by Rs. 16.50 per liter and Rs. 20.88 per liter, respectively, over the last three adjustments.

This series of price reductions reflects the government’s efforts to pass on the benefits of lower international oil prices to consumers, providing some economic relief in the face of global market fluctuations.