ISLAMABAD: The government has announced a modest reduction in the prices of petroleum products, which will be effective from September 1, 2024.
The price of petrol has been reduced by Rs 1.86 per litre, bringing the new price to Rs 259.10, while the price of high-speed diesel will see a reduction of Rs 3.32 per litre, which is now priced at Rs 262.75.
After the recent change, the price of kerosene will drop by Rs 2.15 to Rs 169.62 per litre, while the price of light diesel oil will decrease by Rs 2.97 per litre, with the new price set at Rs 154.05.
It is worth mentioning here that the federal government was considering a reduction in the price of petrol, which would be the third consecutive reduction in the prices of petroleum products from July 31.
According to the sources, the proposal proposed to reduce the price of petrol by Rs 2.97 per litre, the price of high-speed diesel by Rs 2.31 per litre, the price of kerosene by Rs 1.39 per litre and the price of light speed diesel by Rs 1.96 per litre.
Read more: Petrol and Diesel Prices May Decrease as Global Crude Oil Costs Dip
Sources said that the drop in international oil prices has resulted in the proposed reduction, with American crude oil falling by 3.60% to $74.69 per barrel over the past two weeks and London Brent oil decreased by 2.34% to $74.69 per barrel.
Petrol & Diesel Rates from September 1
| Products | Existing price | New price | Increase/Decrease |
| MS (Petrol) | Rs260.96 | Rs259.10 | -1.86 |
| High Speed Diesel (HSD) | Rs266.07 | 262.75 | -3.32 |
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