Petrol price reduced by Re1 for the next two weeks

ISLAMABAD: The federal government on Friday announced a reduction in petrol prices by Re1 per litre for the next 15 days, providing slight relief to consumers amid fluctuating global oil prices. 

According to a notification issued by the Finance Division, petrol will now be available at Rs254.63 per litre, down from Rs255.63.

However, the government kept the high-speed diesel (HSD) price unchanged at Rs258.64 per litre.

"The Oil & Gas Regulatory Authority (Ogra) has worked out the consumer prices of petroleum products, based on the price variations in the international market," the notification stated.  

The federal government had previously maintained petroleum prices on March 15 for the fortnight.

Petrol 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.