Govt slashes petrol price by Rs2.07 per litre for next fortnight

ISLAMABAD: The federal government has cut the price of petrol by Rs2.07 for the fifth consecutive fortnight in line with the global oil rates. 

The new prices will be effective from October 1, according to an official notification issued on Monday.

As per the official statement, the price of high speed diesel (HSD) came down to Rs246.29 from Rs249.69 after a reduction of Rs3.40. 

Meanwhile, the price of Kerosene oil has also been reduced to 3.57 rupees per liter and light diesel by 1.03 per liter.

On the directions of Prime Minister Shehbaz Sharif, the government has reduced the price of petrol by 28.57 rupees and diesel by 37.51 rupees during last two months.

On September 15, the federal government notified a cut of Rs10 per litre in the petrol price as well as a Rs13.06 per litre reduction in the price of HSD. 

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.